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In this video, Chris Bale from the Sponsorship Collective discusses how to create a sponsorship agreement and outlines five essential elements to include in every sponsorship contract. He emphasizes the importance of consulting a lawyer before drafting any sponsorship agreement, as legal guidance is crucial when forming legally binding contracts. Bale also highlights that sponsorship is a marketing discipline and that involving legal expertise is vital when engaging with new sponsors. As a reminder, viewers are encouraged to subscribe and activate notifications for updates on future content.