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In this video, the importance of having a contract with affiliates before they promote your products or services is emphasized. A contract helps prevent legal issues and misunderstandings, solidifies the partnership, and builds trust. Key discussion points include what an affiliate contract is, why it is essential, and eight crucial elements to include in the contract for business protection. Additionally, the presenter, a lawyer, addresses how to create an affiliate agreement independently and provides a downloadable affiliate program template. Viewers will learn how to complete their affiliate agreement in just 15 minutes.