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In this video tutorial, the importance of having a contract for freelance social media managers is discussed. The speaker emphasizes that a contract is essential, highlighting that it should include key elements such as the pricing of services, start and end dates, and cancellation terms. The video aims to guide viewers on creating and managing social media contracts, addressing questions about who sets the contract and whether tools are needed for signing. Additionally, a real-life example of a contract used over the years is shared to provide practical insight. Viewers are encouraged to subscribe and engage if they find the content valuable.