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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 with a lawyer before drafting any legally binding document, particularly sponsorship agreements, to ensure legal protection and clarity. Bale notes that sponsorship is a marketing discipline and stresses the need to engage legal expertise whenever entering into sponsorship contracts to safeguard both parties' interests. He encourages viewers to subscribe for more updates on sponsorship-related content.