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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 components to include in every sponsorship contract. He emphasizes the importance of consulting a lawyer before drafting any agreements, particularly sponsorship contracts, as they are legally binding. It's crucial to involve legal expertise to ensure that the contract meets all necessary legal standards. Bale also highlights that sponsorship is a marketing discipline, stressing the importance of clarity and legal support when engaging with sponsors. Viewers are encouraged to subscribe for updates on future videos.