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A social media influencer contract is an agreement between a company and an influencer, who can significantly impact consumer buying habits due to their following on social media. Such agreements are vital for companies seeking to grow market share, as endorsements from influencers provide a personal touch similar to word-of-mouth recommendations. Given the novelty of influencer marketing, contracts clarify expectations for both parties. The video emphasizes the importance of these contracts and invites viewers to watch until the end for a link to a social media influencer contract template offered by eForms, a comprehensive document database.