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Today's video discusses creating a sponsorship agreement, with Chris Bale from the sponsorship collective. It is emphasized that consulting a lawyer is crucial before finalizing any sponsorship contract, to ensure legal compliance. The video stresses the importance of including five key elements in every sponsorship agreement. It is essential to involve legal counsel when engaging in sponsorship deals, as sponsorship is a form of marketing. Consulting a lawyer is especially important to protect both parties involved in the agreement.