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In this video tutorial, Chris Bale from the sponsorship collective discusses the importance of creating a sponsorship agreement and outlines five key things to include in every sponsorship contract. He emphasizes the need to consult with a lawyer before drafting any agreement to ensure it is legally binding. Bale highlights the importance of involving legal counsel specifically for sponsorship agreements due to their critical nature. He stresses that sponsorship is a marketing discipline and encourages viewers to subscribe for future updates.