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In today's video, Chris Bale from the Sponsorship Collective discusses how to create a sponsorship agreement, emphasizing five essential elements to include in every sponsorship contract. He highlights the importance of consulting a lawyer before drafting any agreements or contracts, particularly sponsorship agreements, as they are legally binding. Bale stresses the necessity of involving a legal team or outside counsel in the process. He also reiterates that sponsorship is a marketing discipline, and engaging a new sponsor requires careful consideration and proper legal guidance. Viewers are encouraged to subscribe for updates on future videos.