The minimum compensation to any licensed professional boxer or mixed martial artist who competes in a match shall be no less than $150 after all approved purse deductions, unless otherwise directed or authorized by the commission. Licensed professional boxers and mixed martial artists who are under contract and ready, willing and able to participate in a scheduled match or exhibition on the date of the official weigh-in or match and who suffer cancellation of such match at that time due to no fault of their own, as determined by the commission, shall be paid no less than 50 percent of the agreed upon guaranteed compensation that they would have been entitled to receive for participation in the match or exhibition, unless otherwise directed or authorized by the commission. All payments of any nature to be paid each boxer or mixed martial artist shall be specified in all relevant contracts.