What is a Georgia Athlete Agent Bond?
The Georgia Athlete Agent Regulatory Commission requires that athlete agents post a $10,000 surety bond. The bond ensures compliance with the Georgia state code as set forth in O.C.G.A. §43-4A-12. The bond proceeds may be used to pay damages to any athletic department aggrieved by any act of the principal, which act is in violation of O.C.G.A. §43-4A-13 or would be grounds for revocation of a license under O.C.G.A. §43-4A- 12.
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Why is a Georgia Athlete Agent Bond Required?
The bond protects an athletic department that is damaged by the actions of the principal. If more than one department incurs damages, each athletic department will receive a pro rata share of such amount of the bond for each athlete who loses eligibility to participate in intercollegiate sports contests as a team member at an institution of higher education. The surety bond is continuous and remains in full force throughout all succeeding registration periods unless terminated or cancelled. The aggregate liability of the surety claims against this bond shall not exceed the penal sum of this surety bond.
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