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In this video tutorial, the importance of having a contract as a freelance social media manager is emphasized. The presenter discusses key elements to include in the contract, such as pricing, start and end dates, and cancellation terms. The video also addresses who creates the contract—namely, the freelancer and the client—and explores whether tools are needed for sending and signing the contract. Additionally, a real-life example of a contract the presenter has used for years with a client will be shared. Viewers are encouraged to subscribe and engage with the content if they find it valuable.