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In today's video, we will discuss creating a sponsorship agreement and the five essential components to include in every sponsorship contract. Chris Bale from the Sponsorship Collective emphasizes the importance of consulting a lawyer before drafting any agreement with sponsors. It is crucial to involve legal assistance when creating legally binding contracts, especially in the case of sponsorship agreements. Sponsorship is a marketing discipline, and engaging a new sponsor requires legal expertise to ensure a mutually beneficial partnership. Make sure to subscribe for updates on new videos.