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In today's video, Chris Bale from the Sponsorship Collective discusses how to create a sponsorship agreement and emphasizes five essential elements to include in every sponsorship contract. He advises viewers to consult a lawyer before drafting any agreement, especially for sponsorship contracts, due to their legally binding nature. Bale reiterates the importance of involving legal counsel to ensure compliance and protection for both parties. He also highlights that sponsorship is a marketing discipline and stresses the significance of carefully structuring agreements when engaging new sponsors. Viewers are encouraged to subscribe for updates on future videos.