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In today's video, Chris Bale from the Sponsorship Collective discusses how to create a sponsorship agreement and the five essential elements to include in every sponsorship contract. He emphasizes the importance of consulting a lawyer before drafting such agreements, as legal oversight is crucial when making binding contracts. Bale highlights that sponsorship is a marketing discipline and stresses the necessity of involving legal counsel when engaging with new sponsors to ensure compliance and protect interests. Don't forget to subscribe and click the bell icon for updates on new videos.