"If either fighter pulls out of the fight after this agreement has been signed, that person will pay the other party a total of $1,000, due the day of forfeiture of fight. Payments shall increase 10% per day if payment is not made on that day, not to exceed $2,000 total due."
This is illegeal. Nice try, but illegeal. Look it up. You should leave it at 1k w/ no interest.