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In this video, the importance of having a contract with affiliates promoting your products or services is emphasized to prevent legal issues and misunderstandings. A well-defined affiliate contract not only solidifies the partnership but also builds trust, which is crucial for success. The video outlines what an affiliate contract is and why it is essential. Additionally, it provides eight key elements to include in the contract to protect your business. The speaker, a lawyer, also offers a downloadable affiliate program template and demonstrates how to complete an affiliate agreement in just 15 minutes.