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In this video tutorial, Matthew explains how to create a painting contract using legal templates. He provides a link to the templates and guides viewers through the process of selecting and filling out a business form for a painting contract. The key steps include determining the type of transaction (sale of goods or service), identifying the provider and customer information, describing the service to be provided (e.g. painting a house or room), specifying the number of projects and price per project. Additional details such as painting outside walls or specific room painting can also be included in the contract.