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1. What is a Sponsorship Agreement? 

The sponsorship agreements are governed by the Indian Contract Act of 1872. It specifies the legal responsibilities and obligations of both the sponsor and the organizer. In order for the event to be effective, both parties must establish their roles and duties. The Agreement lays up all of the details, such as sponsorship payments, intellectual property rights usage, cancellation and postponement procedures, and so on. It would be a win-win situation for all sides if the provisions of the Sponsorship Agreement were properly drafted. It's a very adaptable agreement that takes into account the needs of both parties. It is important to note that the sponsorship proposals must be explicit, as the proposals will determine the terms of your Sponsorship Agreement. 

2. Why is it important? 

a. The Sponsorship Agreement protects both parties' requirements and interests. b. A well-drafted agreement will eliminate all ambiguity and result in the parties developing a better contractual and personal relationship. 

c. It also aids in the marketing of a company's trademark and brand name. d. Both parties' responsibilities and liabilities are divided in the agreement.