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In today's video, Chris Bale from the Sponsorship Collective discusses how to create a sponsorship agreement, highlighting five essential elements to include in every sponsorship contract. He emphasizes the importance of consulting a lawyer before drafting any sponsorship agreement or contract, as legal guidance is crucial for any binding arrangement. Bale reiterates that sponsorship is a marketing discipline and that involving legal counsel is critical when engaging a new sponsor. He encourages viewers to subscribe and stay updated on future content.