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(a) A promoter shall file with the commission a bond which meets the requirements of AS 05.10.090 at least thirty days before a contest. The bond will remain on file with the commission for 60 days following the contest.
(b) Claims made against the bond must be made not later than 30 days after the contest. Claims will be satisfied in the following order:
(1) payment of contractual obligations to contestants;
(2) payment of contractual obligations to all other licensees;
(3) payment of material and equipment costs incurred by the promoter; and
(4) payment of all remaining claims.
History: Eff. 4/29/91, Register 118
Authority: AS 05.05.020 (b)
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Last modified 7/05/2006