The financial stakes for athletes are high due to the number of deals negotiated between players, teams, agencies, and sponsors. Professional athletes can have relatively short careers, making it critical that they earn as much as they can while they are in their prime.
If you are negotiating an agreement, you deserve a professional athlete contract lawyer who can help you get the most from it. Drafting sports agreements in New York can be a complicated process, but the support of a dedicated sports lawyer for professional athletes may make all the difference.
Drafting a sports agreement in New York City is, in most ways, no different from any other employment contract. The agreement will include necessary terms that spell out each party’s rights, obligations, collective bargaining agreements, salary caps, and other specific legal constraints that athletes or their agents need to be aware of.
First, including basic details about all the parties is crucial. The agreement should identify each person or entity by name and provide their address. If businesses are involved, the contract might list its authorized representatives.
The term is one of the most basic details that must be included in contracts used for signing an athlete to an organization. It notes when the agreement expires and explicitly states what the athlete is hired to do.
The term might not be as straightforward as selecting a date in the future. It will generally coincide with the end of a season, and there is the potential for option years. Players, teams, or both could have an option to extend the contract past the expiration date if certain conditions are met.
Compensation is usually the part of a sports agreement that gets the most attention. Typically, these payments are broken down annually. A team may need to structure the deal to comply with a salary cap.
The terms might also describe bonuses in addition to the base pay a player receives. Bonuses can vary from the length of time a player has remained with the team to meeting certain benchmarks on the field.
Every league has its own rules about assigning contracts and trading players. Some of these agreements might limit the ability to ship an athlete to a different team.
Every team and player must use a standard employment contract when securing a deal with a high-level professional organization like the National Football League. Relying on the terms in the document is important, as they represent many of the rights that the union collectively bargained for with the league.
Although there is a standard contract for these leagues, adding additional terms in an addendum is possible. This area of the contract includes any discussion points raised directly between the parties not collectively bargained for by the union. Understanding how to comply with these form contracts is crucial when drafting sports agreements in New York City.
If you are planning on drafting sports agreements in New York City, you could benefit from the support of experienced legal counsel. Schedule a consultation today to protect your career and maximize your earnings.
