(a) The original contract entered into between managers and boxers and promoters and boxers shall be placed on file with the commission at the time it is approved pursuant to Rule 222. Except as provided below, a contract becomes null and void if at any time during its term the manager or promoter, after notice from the commission, is not licensed by the commission. If a manager or promoter is not licensed because the license has been revoked or suspended for 60 calendar days or more by the commission, all contracts with the manager or promoter shall become void on the 30th day after the date of the order of revocation or suspension unless a court of competent jurisdiction, upon notice to the commission, issues an order staying the commission's order within the 30-day period. If a manager or promoter is not licensed because the license has been suspended by the commission for less than 60 calendar days, all contracts with the manager or promoter are voidable by the boxer if written notice is given by the boxer to the manager or promoter and to the commission within the period of license suspension.

(b) No manager or group of managers shall be allowed to participate in more than 33 ⅓ percent of the gross ring earnings of the boxer. No assignment of any part or parts of the boxer's or manager's interest in a contract, filed and approved by the commission, shall be permitted without the approval and consent of the commission. The consent to assign shall not be granted unless a copy of the proposed assignment is submitted to the commission for its approval. No manager may negotiate or sign for matches for a boxer not under contract to him. Any boxer not having a contract with a licensed manager shall sign for his own contests and receipt for his full purse. All disputes between the parties to the contract, including the validity of the contract, shall be arbitrated pursuant to the provisions of the contract.