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In this video tutorial, the importance of having an affiliate contract before engaging affiliates to promote products or services is emphasized. Such contracts prevent legal issues and misunderstandings, while also solidifying relationships and building trust, which are crucial for successful partnerships. The video will explain what an affiliate contract is and why it is essential. Additionally, it will outline eight key components to include in the contract to safeguard your business. As a lawyer, the presenter also provides a downloadable affiliate program template and demonstrates how to use it to create an affiliate agreement efficiently in just 15 minutes.