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In this video, the importance of having a contract in place before engaging affiliates to promote products or services is emphasized. A well-structured affiliate contract helps prevent legal issues and misunderstandings, solidifies the partnership, and builds trust—essential for successful collaborations. The discussion includes an explanation of what an affiliate contract is, why it is necessary, and outlines eight key elements that should be included to protect both parties. Additionally, the speaker, a lawyer, provides a helpful affiliate program template that viewers can download to create their own affiliate agreements quickly, in just 15 minutes.