Every contract between a manager and a professional boxer or professional mixed martial artist shall contain provisions governing its duration and the division of the combatant’s purses. Each such contract shall further provide that the contract shall be automatically terminated if the license of either party is revoked by the commission or if the manager fails to renew his or her license within 30 days after the expiration thereof. If the license of either party is suspended, the contract shall not be binding upon the other party during the period of such suspension.