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In this video, the importance of having a contract in place before engaging affiliates to promote products or services is emphasized. A well-structured affiliate contract helps prevent legal issues and misunderstandings, while also solidifying relationships and building trust between parties, which is crucial for a successful partnership. The video will explain what an affiliate contract is, why it is essential, and outline eight key elements that should be included to protect both the business and the affiliate. Additionally, the host, a lawyer named Ami, provides a downloadable affiliate program template and demonstrates how to complete an affiliate agreement in just 15 minutes.