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A social media influencer contract is an agreement between a company and an influencer, who can sway buying habits due to their social media following. These agreements are vital for businesses aiming to grow market share, as endorsements from influencers mimic the word-of-mouth recommendations that companies value. Given the novelty of social media influencers, contracts are essential to clarify expectations for both parties. The video encourages viewers to stay tuned for a link to a template for a social media influencer contract, emphasizing the importance of legal documentation in these relationships.