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A social media influencer contract is an agreement between a company and an influencer, whose social media following can significantly impact consumer buying habits. As brands seek to expand their market share, these contracts are crucial due to the personal connections followers have with influencers, resembling sought-after word-of-mouth recommendations. Given the novelty of social media influencers, using a contract ensures clarity for both parties involved. The video also mentions eForms, which provides a comprehensive database of various documents, and invites viewers to watch until the end for access to a social media influencer contract template.