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In this video, Chris Bale from the Sponsorship Collective discusses how to create a sponsorship agreement and outlines five essential elements to include in every sponsorship contract. He emphasizes the importance of consulting a lawyer before finalizing any sponsorship agreement, noting that this is crucial for legally binding contracts. Chris highlights that sponsorship is a marketing discipline and stresses the need for legal guidance when engaging new sponsors. Viewers are encouraged to subscribe and enable notifications for future updates.