Put safety first! It only takes a moment of carelessness or mishandling to cause severe injury to yourself or someone else.

Spectating during Test Cutting:
Stay out of the designated cutting area.
Give those who are handling sharp blades a wide berth on all sides, especially when you are behind them.
If you must get close to them to step by, make sure the person with the sharp knows where you are.
If you drop or knock over a sharp for any reason, do not attempt to grab it; step away and let it fall before picking it up.

Handling the sharp:
Hold the sharp by the grip (handle) only, never the blade edge.
Carry the sharp with either the point straight up or down.  
Be aware of where the sharp's point is at all times, especially when reaching for something on the ground.
If you drop or knock over a sharp for any reason, do not attempt to grab it; step away and let it fall before picking it up.

Handing over the sharp:
The person giving the sharp holds it out with the point down. 
The person taking the sharp grabs the grip (handle) and pulls it towards themselves.
The person giving the sharp only releases the sharp once they feel the sharp pulling out of their hands; DO NOT release the sharp without that pressure.

Cutting with the sharp:
This applies to cutting in the air as well as bottles, tatami, etc.
Define your cutting area boundaries by making sure the area is clear of any safety hazards and those around you are aware you are handling a sharp sharp.
If you drop or knock over a sharp or cutting stand for any reason, do not attempt to grab it; step away and let it fall before picking it up.

Cleaning the sharp:
Water from cutting targets and oil from the skin can both cause rust on the blade and other metal parts of the sharp
Clean the sharp by using one cloth to dry it and a second cloth to wipe with a protectant such as gun oil, etc.
While wiping down the blade, DO NOT press the cloth or your hand against the edge of the blade; this will slice the cloth and/or your hand.