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A social media influencer contract is an agreement between a company and an influencer, whose social media following allows them to sway consumer purchasing decisions. These contracts have gained importance as companies seek to enhance market share through personal connections that influencers foster with their audiences. An influencer's endorsement acts similarly to a word-of-mouth recommendation, a highly desirable marketing method. Given the novelty of social media influence, it's crucial to formalize the arrangement in a contract to clarify expectations for both parties. The video also promises a link to a customizable social media influencer contract for viewers.