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In today's video, Chris Bale from the Sponsorship Collective discusses how to create a sponsorship agreement and highlights five essential elements to include in every sponsorship contract. He emphasizes the importance of consulting with a lawyer before drafting any agreement, stating that legal advice is critical for forming legally binding contracts. Additionally, Chris points out that sponsorship is a marketing discipline, which requires careful consideration when engaging with new sponsors. Viewers are encouraged to subscribe for updates on future videos.