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In this video tutorial, the importance of having a contract before engaging affiliates for promoting products or services is emphasized. A well-defined contract helps prevent legal issues and misunderstandings, while also solidifying the affiliate relationship and building trust. The content covers what an affiliate contract is, why it is essential, and outlines eight key components that should be included to protect both parties. The speaker, a lawyer, also offers a helpful affiliate program template for viewers to download and provides guidance on completing the affiliate agreement in just 15 minutes.