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In today's video, Chris Bale from the Sponsorship Collective discusses how to create a sponsorship agreement and identifies five essential elements to include in every contract. He emphasizes the importance of consulting a lawyer before drafting any legally binding agreements, particularly for sponsorship contracts. Chris reiterates that legal advice is crucial in the sponsorship process, as it is a key aspect of the marketing discipline. The video serves as a guide to understanding the critical components needed to ensure effective sponsorship agreements. Viewers are encouraged to subscribe and click the bell icon for updates on future videos.