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In this video, the speaker emphasizes the importance of having a contract before engaging affiliates to promote products or services. An affiliate contract is crucial to prevent legal issues, misunderstandings, and to solidify the affiliate partnership, which fosters trust—an essential element for success. The video outlines what an affiliate contract is, its necessity, and presents eight key elements to include in the contract for protection. Additionally, the speaker, a lawyer, shares insights on creating an affiliate agreement independently and provides a downloadable template for a quick setup, claiming it can be completed in just 15 minutes.