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In this video, agency owner Joel Kaplan, CEO of Agency Lab, offers insights on creating a comprehensive contract for social media marketing agencies (SMMA). He collaborates with the host, Arturo, to provide a "Plug and Play" contract template, emphasizing the importance of specific elements to include. Joel shares his experience of scaling his own SMMA to 300K monthly revenue and explains how Agency Lab supports agency owners in acquiring clients and growing their businesses to reach 100K monthly. Viewers are encouraged to watch the entire video for detailed guidance on modifying the contract and understanding its crucial components.