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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 elements to include in every contract. He emphasizes the importance of consulting a lawyer before drafting any legally binding agreement, particularly in sponsorships. Bale highlights that seeking legal guidance is crucial to ensure the validity and protection of both parties involved. The video sets the stage for a deeper exploration of sponsorship agreements and their role in the marketing discipline. Viewers are encouraged to subscribe for updates on future content.