Sponsorships, Endorsements & Performance Contracts
Sponsorship or endorsements agreements are designed to be mutually beneficial for both parties involved.
On one hand the sponsor can boost their brand identity, exposure, publicity and level of sales because of the new association with a particular personality, celebrity, business or organisation.
In return a particular personality, celebrity, business or organisation can receive a substantial payment for the promotion of the sponsor’s brand which is financially beneficial to them, their cash flow and their particular progression.
It’s a win win business collaboration.
Because of their high profile status, huge media exposure, image of supreme athleticism, and association with team work, discipline and winning, sports stars are often feature in sponsorship and endorsement deals.
Similarly, agents, communication directors, press officers and such media professionals exist to help promote and protect the careers and images of performers, presenters, models, singers, actors and others in the public eye. Contracts underpin such relationships by formally outlining the rights and responsibilities of each party, the remuneration terms and the length of the relationship. Failure to stick to those terms can lead to major disputes.
In some cases the behaviour of the sponsored or endorsing party may fall below the standards expected by the other party to such an extent that they feel the association is no longer beneficial. In such cases the contract is often terminated early. Therefore reputation management is imperative to avoid this happening. And damage limitation is essential to minimize the impact of any fallout as early as possible.
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