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In this video tutorial, the importance of having an affiliate contract before engaging affiliates for promoting products or services is discussed. A contract prevents legal issues and misunderstandings while solidifying the relationship and building trust between partners, which is essential for successful affiliate partnerships. The video outlines what an affiliate contract is and why it is necessary, followed by eight critical elements to include in the contract to protect your business. Additionally, the presenter, a lawyer, shares a convenient affiliate program template that can be downloaded and used to create an affiliate agreement in just 15 minutes.