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In today's video, Chris Bale from the Sponsorship Collective discusses creating a sponsorship agreement and outlines five essential elements to include in every sponsorship contract. He emphasizes the importance of consulting with a lawyer before drafting any agreement to ensure legal validity, especially for sponsorships. It's crucial to involve legal counsel when establishing these contracts. Additionally, Bale reinforces that sponsorship is a marketing discipline and highlights the significance of clearly defining terms in sponsorship agreements. He encourages viewers to subscribe for updates on future videos.