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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 contract helps prevent legal issues and misunderstandings, while also solidifying the partnership and fostering trust. The video covers what an affiliate contract is and why it is essential. It includes eight key elements that should be incorporated into an affiliate contract to ensure protection for both parties. Additionally, the speaker, a lawyer, offers a helpful affiliate program template for viewers to download and explains how to create an affiliate agreement quickly in just 15 minutes.