Sponsorship, by nature, is a business affair; and as with anything that is in the arena of deals, partnerships and mergers, a legal agreement is always in the works. This is most especially practiced in sponsorship, since its form of business is through partnering with an individual or organization as a tactic for market exposure.
Protection is the key word when drawings up contracts are presented between sponsor and sponsee. This is to prevent any anomalies or set backs that may occur in the event that one party doesnt reach the agreed upon aims.
To help in creating a legal agreement, below are guidelines and key points to consider when formulating a letter of agreement or contract between a sponsor and sponsee.
A guideline in agreement
It is important to always take a sufficient amount of time and very careful consideration when drafting a contract. This applies to all business ventures other than sponsorship a huge number of companies thrive in having partnerships. In any relationship, it is most important to think through such considerations in order to have something to fall back on.
In sponsorship, a letter of agreement will usually be...
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