What are the rules on Grand Prix? What if there is a low turnout, how much of the prize is guaranteed?
Any info would be great. Thanks.
This is all published in each issue of Chess Life (p. 45 of the September issue). A Grand Prix tournament must guarantee at least $300 in prizes “for which all Masters are eligible.” GP points are awarded only for guaranteed prizes, so if you advertised “$600 based on 100 players, 50% guaranteed,” you would get the minimum 6 GP points (for a $300 tournament).