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In today's video, Chris Bale from the Sponsorship Collective discusses how to create a sponsorship agreement and outlines five essential elements to include in every sponsorship contract. He emphasizes the importance of consulting a lawyer before drafting any agreement, particularly in sponsorship deals, as they are legally binding contracts. Bale reiterates the significance of involving legal expertise to ensure that the terms are clear and compliant. He also mentions that sponsorship operates as a marketing discipline, highlighting the need for professionalism when engaging with new sponsors.