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In this video tutorial, the importance of having a contract in place before engaging affiliates to promote products or services is emphasized. A well-structured affiliate contract helps prevent legal issues and misunderstandings while fostering trust between partners, which is essential for a successful affiliate partnership. The video outlines what an affiliate contract is, why it is necessary, and lists eight key elements that should be included to ensure protection for both parties. Additionally, the speaker, a lawyer named Ami, provides a downloadable affiliate program template and guides viewers on how to efficiently create their affiliate agreement in just 15 minutes.