A sports agent is a person who procures and negotiates employment and endorsement contracts for an athlete. In return, the agent receives a commission that is usually a percentage of the contract, although this figure varies. In addition to finding incoming sources, agents often handle public relations matters for their clients. In some large sports agencies, agents deal with all aspects of an athlete's finances, from investment to filing taxes.
Representation Agreement between Sports Agent and Athlete
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"Professional sports services contract" means an agreement under which an individual is employed, or agrees to render services, as a player on a professional sports team, with a professional sports organization or as a professional athlete.
Get it in writing. Keep it simple. Deal with the right person. Identify each party correctly. Spell out all of the details. Specify payment obligations. Agree on circumstances that terminate the contract. Agree on a way to resolve disputes.
The highest-paid MLB agent in 2017 was Scott Boras, who earned $108.3 million in commissions from $1.9 billion worth of player contracts. Boras is the only sports agent in the world with more than $2 billion in active player contracts and he has 76 clients.
Standard Representation Agreement. Document that many professional player unions require agents to enter into with any players that they represent. Agents who do not use the standard representation agreement cannot represent players in the particular league.
Ask fellow athletes and professional level personnel for referrals. Hold out for the best. Perform a background check. Utilize the Sports Agent Directory. Don't sign on the dotted line just yet.
If a professional athlete is part of a team, usually the athlete receives a standard Player's contract. The only difference between his contract and other members of the team are usually salary, bonuses, and the option to renegotiate. The standard player contract (SPK) is usually in a boilerplate form.
Sports agents generally receive between 4 and 10% of the athlete's playing contract, and 10 to 20% of the athlete's endorsement contract, although these figures vary. NFL agents are not permitted to receive more than 3%, and NBA agents not more than 4%, of their client's playing contracts.
Here, we'll cover several fundamental elements of contracts between professional teams and athletes: (1) negotiation; (2) salary caps; and (3) free agents. Most professional athletes enter into a contract with a professional team for a specified number of seasons.
Names of parties. Addresses of parties. Statement of hiring. Term of contract. Duties and obligations of athlete. Attendance at training camp. Amount of compensation. Times at which compensation payable.