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In this video, the importance of having an affiliate contract before involving affiliates in promoting products or services is emphasized. A contract helps prevent legal issues and misunderstandings, while also solidifying the partnership and building trust, essential for a successful affiliate relationship. The video outlines what an affiliate contract is, why it is necessary, and suggests eight critical elements to include in the contract for protection. Additionally, the speaker, Ami, who is a lawyer, provides a guide on creating an affiliate agreement independently. A downloadable affiliate program template is also offered, along with instructions on completing the agreement in just 15 minutes.