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In this video tutorial, Drew Bowers Auger discusses essential contracts for consultants, focusing on the consulting agreement. He emphasizes the importance of having a signed contract to avoid disputes over billing and engagement terms. Key elements to include are the client's acceptance of your business as an independent contractor, payment amount and frequency, acceptable payment methods, and signatures from both parties. He provides sample consulting agreement templates and advises that contracts often favor the party that created them. Whenever possible, consultants should aim to have clients sign their contract. If signing a client's contract, it’s crucial to read it carefully to ensure clarity on billing rates, frequency, and project completion, and to discuss any disagreements or misunderstandings with the client.