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Before engaging affiliates for product promotion, it's crucial to have a contract to avoid legal issues and misunderstandings. A well-drafted contract not only clarifies the affiliate partnership but also fosters trust, which is essential for success. This video discusses the importance of an affiliate contract and outlines eight key elements that should be included to protect yourself and your business. Additionally, the speaker, a lawyer, provides guidance on creating an affiliate agreement independently and offers a downloadable affiliate program template to streamline the process, allowing you to complete the agreement in just 15 minutes.