These local channels are locally owned, but use network content and advertising. Definition of affiliation legal contract can mean several different things depending on the context in which it is used. The word affiliate may relate to any company, limited liability company, partnership, company or other entity controlled either directly or indirectly with another party. In the event of bankruptcy, a related enterprise would be an enterprise that owns or controls the debtor or is related in some way to an enterprise that owns or controls the debtor. There are several definitions of affiliate in the corporate, securities and capital markets. . . .