Adrian Clark is launching a book, Protect Yourself at All Times. Clark, who created AC Sports Management, helps young and talented boxers go in the right direction in their career in and out of the ring. Clark was recognized by Forbes “30 under 30” which looks at some of the brightest minds in sports under the age of 30.
Leading up to the release of his book we’ll be exclusively sharing the 12 rounds (12 Chapters) on #TeamEverlast along with video blogs mad by Clark.
Round 2: Know What You are Signing
One of the most important chapters (if not the most important chapter) in the book.. ‘Know What You are Signing’ in regards to contracts.
As a business owner, you have to be very careful about what you put your signature on. Do NOT only rely on a lawyer reading your contract! You need to have someone who knows the boxing business to read the contract and have them explain things to you in a way that you can understand. Make sure you really understand! Even explain a scenario to be sure you get it. Don’t say you understand something when you really don’t.
Everything is negotiable when it comes to contracts. Numbers can be negotiated, clauses can be severed (removed) and incentives can be added to make the deal that much enticing.
Don’t be in a rush to sign and send back whatever deal is presented to you. You should give notice that contract will be reviewed and sent back between 10-14 days. That provides more than enough time for you and your team to dissect the contract and submit changes.
As a business owner, only look to sign ‘under’ individuals that are paying you for your service. Promoters, companies looking to endorse you, or sponsors looking to back you those are contracts where you look to sign ‘under’ entities… They are paying you for your services!
What a business owner should not do is sign ‘under’ individuals that they are paying to do a service for them. Managers, advisors, trainers, anyone that you are paying should not have you ‘under’ contract. You should contract them for their services and have them sign an agreement under you.
Pump your breaks and be extra cautious when contracts come up.
Make sure contracts are notarized and be sure all parties have multiple, executed copies of the contract. Executed means everyone that needs to sign, has signed and the contract is legit.