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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 for every sponsorship contract. Before diving into the specifics, he stresses the importance of consulting a lawyer prior to creating any agreement or contract, particularly in sponsorship scenarios. Bale emphasizes that involving legal counsel is critical in order to ensure the agreement is legally sound. He reiterates that sponsorship is a marketing discipline, highlighting the significance of clear and professional agreements as part of the sponsor engagement process.