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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 a lawyer before drafting any sponsorship agreements, or any legally binding contracts, to ensure compliance and protection. Throughout the video, Bale reiterates that sponsorship is fundamentally a marketing discipline, and engaging a new sponsor requires careful legal consideration. Viewers are encouraged to subscribe and enable notifications for future content.