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A social media influencer contract is a crucial agreement between a company and an influencer, who has a significant social media following that can impact consumer buying habits. As these agreements become more important for companies aiming to increase market share, influencers' endorsements mimic sought-after word-of-mouth recommendations. Given the novelty of social media influence, having a clear contract is essential for both parties' understanding and expectations. The video emphasizes the importance of these contracts and invites viewers to access a link for a template to create their own social media influencer contract.