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In today's video, Chris Bale from the Sponsorship Collective discusses how to create a sponsorship agreement and the five key elements to include in every sponsorship contract. He emphasizes the importance of consulting a lawyer before drafting any agreement, particularly sponsorship contracts, as they are legally binding. Bale reiterates that involving legal counsel is critical when entering sponsorship arrangements, as it ensures compliance and protects both parties’ interests. The tutorial aims to equip viewers with fundamental knowledge on crafting effective sponsorship agreements.