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In today's video, Chris Bale from the Sponsorship Collective discusses how to create a sponsorship agreement and outlines five essential components to include in every sponsorship contract. He emphasizes the importance of consulting a lawyer before drafting any agreement, highlighting that legal counsel is crucial for all legally binding contracts, particularly for sponsorship agreements. Bale reinforces that sponsorship is a marketing discipline and stresses the necessity of involving legal teams when engaging with new sponsors. He encourages viewers to subscribe for updates on future content.