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In this video, attorney Amy Nesheim discusses the importance of properly setting up an affiliate program to mitigate liability risks for your business. She highlights four key elements that must be included in an affiliate agreement. Firstly, the commission and payout structure should be clearly defined, detailing the commission amount and payment terms. Additionally, she encourages viewers to subscribe for future legal insights for online entrepreneurs. By the end of the tutorial, viewers will understand the essential components of an affiliate agreement necessary for a successful and legally compliant affiliate program.