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In today's video, Chris Bale from the Sponsorship Collective discusses how to create a sponsorship agreement and highlights five essential elements to include in every sponsorship contract. He emphasizes the importance of consulting a lawyer before drafting any agreement or contract, especially for sponsorships, as it is crucial to ensure legality and compliance. Chris reiterates that sponsorship is a significant marketing discipline and underscores the necessity of involving legal counsel when engaging with new sponsors. He encourages viewers to subscribe and click the bell icon for updates on future videos.