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Before starting an affiliate partnership, it's crucial to have a contract in place to prevent legal issues and misunderstandings. A contract solidifies the relationship and builds trust, which is essential for success. In this video, the presenter discusses what an affiliate contract is, why it is necessary, and outlines eight important elements to include for business protection. The presenter, a lawyer, also addresses common questions about creating an affiliate agreement and offers a downloadable affiliate program template. Viewers will learn how to use the template to complete their affiliate agreement in just 15 minutes.