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A social media influencer contract is an agreement between a company and an influencer, whose social media following can significantly impact buying habits. These contracts are crucial for businesses aiming to grow their market share, as influencer endorsements mimic the valued word-of-mouth recommendations. Given the relative novelty of social media influencers, having a contract ensures mutual understanding and protection for both parties. The video also highlights eforms as a comprehensive resource for various documents, encouraging viewers to watch until the end for a link to a social media influencer contract template.