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In today's video, Chris Bale from the Sponsorship Collective discusses how to create a sponsorship agreement, highlighting five essential elements to include in every sponsorship contract. Before delving into the specifics, he emphasizes the importance of consulting a lawyer before drafting any sponsorship agreement, as it is critical to involve legal expertise in creating legally binding contracts. Bale reiterates that sponsorship is a marketing discipline and that having legal counsel is crucial when engaging with new sponsors. He also encourages viewers to subscribe for updates on future videos.