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Before engaging affiliates for your products or services, it is crucial to have a contract to avoid legal issues and misunderstandings. This contract helps solidify the relationship and fosters trust, essential for a successful partnership. The video discusses the significance of an affiliate contract, and highlights eight key elements to include in the agreement for business protection. Additionally, the speaker, Ami, a lawyer, provides a downloadable affiliate program template and demonstrates how to complete the affiliate agreement in just 15 minutes. New viewers are welcomed to the channel.