Contracts between licensed professional boxers or licensed professional mixed martial artists and their managers shall not exceed three years, unless otherwise authorized by the commission. Management contracts between such professional combatants and managers so contracting together for the first time may in the discretion of the commission allow either party to cancel said contract without penalty by written notice to the other party and the commission before the expiration of the 11th month of said contract. Contractual commitments scheduled after a management contract is canceled in this manner, but within the original maximum duration of said contract, shall be honored by the parties. A manager may not contract to receive the services of a licensed professional combatant under their management for a match or exhibition that is scheduled to take place after the expiration of the contract.