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In today's video, Chris Bale from the Sponsorship Collective discusses the creation of a sponsorship agreement and highlights the five essential elements to include in every sponsorship contract. He emphasizes the importance of consulting a lawyer before drafting any agreement, particularly for sponsorship deals, as they are legally binding. Bale reiterates that involving a legal team or outside counsel is critical in this process. He also notes that sponsorship is a marketing discipline that requires careful consideration when engaging new sponsors. Remember to subscribe and enable notifications for updates on new content.