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If you've managed to get yourself a sponsor there are a few things you need to do just to finalise it all. Some companies will provide you with a contract detailing the agreement. You should make sure of at least the following:
Before you give your sponsor the agreement for signature, get it checked by your Societies Coordinator - they will ensure that the agreement is comprehensive and acceptable.
Once signed by the sponsor, the agreement also requires a signature from the Student Activities Manager in order to take effect - as an unincorporated association the Society does not have legal entity status and cannot enter into a contract on its own. Send the sposor-signed copy to your Societies Coordinator along with your completed Sales Invoice Form and they will ensure this gets done.
Make sure you stick to the terms of your agreement, and keep your sponsor updated on how everything's going. The better a relationship you build with your sponsor the more likely it is they will wish to continue sponsoring you in the future. E-mail them photos of their sponsorship money in action and offer them invitations to events you are holding.
Keep a full record in words and pictures of everything your society has done related to the sponsorship agreement. This way you can ensure that both you and your sponsor are happy with the arrangement.
In the event that you are unable to carry out part of the agreement speak to your sponsor and see if you can arrange an alternative - don't just try to get away with not doing it.
By going above and beyond what the sponsor expects and providing them a detailed record of what their sponsorship has got them you have a much better chance of them renewing there sponsorship for another year.