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Now this is one of the reasons why I am such a nice guy. I do not watermark the content I give out to affiliates, but I do allow them to watermark it with their ref code:
"2. You may may make thumbnails of this content, and slightly reduce the quality or size (or both), you may also add the URL of one of our sites with your link code (or without your link code if you like, but that would loose you money) to these pictures, but you may make no other changes to them."
Surprisingly I saw one affiliate who watermarked it with my site URL but did not add their affiliate code. I am still trying to work out why!
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