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In this video, Chris Bale from the Sponsorship Collective discusses how to create a sponsorship agreement and highlights five essential components to include in every sponsorship contract. He emphasizes the importance of consulting a lawyer before drafting any agreements to ensure legal protection. Bale reiterates that legal counsel is crucial for all binding contracts, particularly for sponsorship agreements. He also notes that sponsorship is fundamentally a marketing discipline and that proper contracts help facilitate successful relationships with sponsors. Lastly, viewers are encouraged to subscribe for future updates.