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In today's video, Chris Bale from the Sponsorship Collective discusses how to create a sponsorship agreement, emphasizing five essential elements to include in every contract. He advises viewers to consult a lawyer before drafting any sponsorship agreement, as legal counsel is vital for ensuring compliance and protection in binding contracts. This precaution is especially important in sponsorship deals, which fall under marketing disciplines. Bale encourages viewers to engage with their legal team to ensure all terms are well-defined and legally sound. Don't forget to subscribe and hit the bell icon for updates on future videos.