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Before engaging affiliates, it's crucial to have a contract to avoid legal issues and misunderstandings, as well as to strengthen trust in the partnership. This video discusses the importance of an affiliate contract, outlining essential elements to include to protect your business. The speaker, Ami, who is a lawyer, will share eight key components of an affiliate contract and provide a downloadable affiliate program template to help viewers create their own agreement in just 15 minutes. The video aims to guide viewers through the process of establishing a solid foundation for successful affiliate relationships.