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Aaron Jacobson, known as the music industry lawyer, introduces the band partnership agreement offered by Indie Artists Resource, which provides affordable DIY contract templates for independent musicians. He emphasizes the importance of having a formal agreement for bands operating as general partnerships to avoid disputes over rights, ownership, and finances. Jacobson shares an example of a young artist facing issues during a band breakup, highlighting the need for clarity regarding song ownership and recordings. He encourages bands to discuss and outline ownership rights to prevent conflicts in the future.