If you are running a festival, sports club, community group or are an individual seeking sponsorship, you should formalise any arrangements that you get into with a sponsorship agreement.
Having a sponsorship agreement is important because it sets out the rights and obligations between the two parties and confirms any commitments made to each other.
You want to be clear on how long the relationship will exist for, and whether you want to provide any option to extend the relationship if it’s worked out well for the parties involved.
You want to make sure you receive your sponsorship payments, and should set out whether you want payments to be made as an up-front lump sum, in instalments or by another means.
You will need to decide whether or not you wish to have more than one sponsor, or whether to offer any potential sponsors the chance to be your only exclusive sponsor.
It’s important to set out the obligations and benefits under the agreement, and express what expectations both parties have from the relationship.
You will need to have a conversation with your sponsor in relation to any registered or any registered trade marks that they might be allowing you to use in your marketing, or if there is any other intellectual property that will be licenced to you for the purposes of the agreement.
As always, you should include the appropriate warranties, indemnities and liabilities.
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