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An endorsement agreement allows a company to utilize a celebrity's name and reputation to advertise a product or service with his permission. A celebrity in this category must be a well-known figure in their area. The endorser (celebrity) is compensated or paid to promote the company's product or services.
An endorsement is a form of public support or approval. Endorsements are given to politicians and products. If you give something an endorsement, you're basically saying "I approve of this person or product." Celebrities give politicians an endorsement if they think you should vote for them.
In a more general context, an endorsement is an act of saying or showing that you agree with or support something or someone; the endorser may or may not be compensated. For example, a WNBA basketball player may endorse a pair of Nike-brand shoes in a commercial.
What is an Endorsement Agreement? An endorsement agreement is a contract between two parties that allows a business to use the other party's image, likeness, name, and reputation to market a product or service.
In an endorsement deal, a person, typically a high profile individual or ?influencer,? publicly expresses his/her support for a company's goods or services. In essence, the endorser is saying to his/her audience that they recommend a product or service and therefore you should try it.