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In this video, the speaker discusses how to draft an employment contract for small business owners. They share their template as a starting point and emphasize key elements that should be included. The contract should be printed on the employer's letterhead, containing the name and address of the employer. It is important to address the letter to the employee and issue it in duplicate. Once finalized, the employee should sign both copies, and one will be returned to the employer, ensuring both parties have a signed copy. The contract also aligns with the terms outlined in the Employment Information Act of 1994, highlighting the need for compliance.