A converted lead is a lead that is sent from an affiliate directly to a merchant that results in a sale or the performance of a specific action by the user. Some leads may not result in a sale or specified action - this will be a non-converted lead. A merchant may not want to pay for non-converted leads.
This Affiliate Agreement outlines that a commission is only payable for a converted lead. A converted lead can be defined within your Affiliate Agreement as when a user either registers and/or pays for any of the merchant’s relevant products and/or services.