So here are the official rules, ripped straight from the Nerf website. I have highlighted some particularly interesting tidbits.

GAME PLAY
1. TIME SCHEDULE:
a) Each match will run (5) minutes plus any injury or stoppage time. Teams will play 02 x 5 minutes games. Teams will switch sides after completion of the first 05 minute game. The schedule will be strictly adhered to. There will be a master clock at the scoring table and enforcing officials will attempt to announce times and schedules, however it is the responsibility of the teams to be aware of the time during a match.
2. START/STOP OF THE GAME:
b) The signal to start or stop a match or the game-on signals (following a stoppage) will be issued by enforcing officials to both teams simultaneously.
3. TOURNAMENT SCORING:
c) Official score will be kept by enforcing officials and displayed on the official Tournament score board for both teams to see.
d) The combined scores of the 2 games will be taken as your final score (unless otherwise stated by the Tournament producers)
4. FULL TIME SCORING OPPORTUNITIES: Each team will have multiple scoring options during a match that result in points scored. Each of the following game play option will take place simultaneously during the match.
(a). Tagging of Opposing Players: Each team will fire NERF Darts at opposing players. Scoring hits are worth 1 point and are defined as direct hits to the opposing player’s jersey; the Dart must stick to the jersey in order for points to be awarded. Each player who is tagged with a scoring hit must immediately (with both arms raised) go to their home base where they will serve a (10) second penalty before re-entering the match.
It is each player’s responsibility to check his jersey and call out immediately when he/she has been tagged with a scoring hit. If a player is unaware of a scoring hit and is called out by the enforcing officials he must stop playing and immediately return to home base. A player may seek reasonable cover in the immediate area if he is unable to visually verify a scoring hit. Blatantly shooting a player after he has signified a scoring hit is an infraction and will result in points being deducted. A player who continuously fails to call himself out after a scoring hit will result in elimination of the player from the game. A player who receives an obvious scoring hit and continues aggressive play (shooting, advancing, communicating with teammates, handing off supplies, etc.) commits an infraction and will result in elimination of the player from the game. Any player who receives a scoring hit and deliberately hides, removes, or conceals the Dart which is stuck to their jersey has committed an infraction and will result in elimination from the game.
(b). Mission before capturing the Flag: Each team will be required to successfully hit 2 targets located at the opposing team’s half before they can proceed to capture the flag. (A hit is deemed successful only if the Dart sticks to the target) No points will be awarded for hitting these 2 targets. Teams are to communicate amongst themselves whether the 2 targets have been hit. Officials will only alert you in the event you attempt to capture the flag without having hit the 2 targets successfully.
(c). Capture the Flag: Each team will have a flag set up at their home base. The objective is to capture the opposing team’s flag and return it to your home base. When individual players are tagged while in possession of the flag, it must be dropped and the player will return to their home base to serve their (10) second penalty. Failure to drop the flag, continued advancement after being tagged or passing the flag to a teammate after being tagged will result in assessment of penalty points. The flag is always played where it lies. If a team successfully captures the opposing team’s flag and returns it to their home base, 10 points will be awarded and game play will be paused by referees in order to reset the flags.
(d). Target board scoring: There will be 6 (3 per team) coloured target boards located within the play area for additional scoring opportunities. Each target board is allocated different points (total score for 3 target boards is 25 points). To score points, the Dart must be stuck to the target board at the end of the game (to allow for officials to verify that target has been hit). In the event that you have shot a target board belonging to the opposing team, the points will go to the opposing team. Regardless of the number of Darts stuck on the board, only 1 set of the allocated points (for that particular board) will be awarded.
5. SCORING VALUES:
(a). Tagging Opposing Players: 1 point (for each successful hit)
(b). Capture the Flag: 10 points
(c). Target Boards 25 points (depending on number of targets hit)
6. PROHIBITED BEHAVIOR: The following behavior is prohibited during Tournament matches and will result in the assessment of penalty points, elimination of players from matches or the disqualification of a team from the tournament.
(a). Any arguments, abusive, or obscene language with players, referees, or judges on or off the area of play will result in assessment of penalty points or possible elimination from the game.
(b). Aggressive physical contact with an opponent as determined by the enforcing officials will result in assessment of penalty points or possible elimination from the game.
(c). Deliberate deception of any kind regarding scoring hits will result in assessment of penalty points or possible elimination from the game.
7. PENALTY VALUES: Assessment of penalties and the value placed upon the offense is at the discretion of the enforcing officials, but shall not be less than (1) point and not to exceed (10) points.
8. TIE-BREAKER CALCULATIONS: In the event of a scoring tie, participants will compete in a Dart Tag Target Competition. Teams will alternate shots, cycling through their line-up twice. The highest score after 2 rounds will decide the winner. In the event of another tie after 2 rounds, teams will go to sudden death with each player taking one shot at the target. The game will repeat in this fashion until one team has a higher score at the end of a round.

Interesting, discuss!