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In this video tutorial, the presenter demonstrates how to change a contract's due date, emphasizing the importance of updating the billing day code. After creating a contract with today's date, the customer clarified they wanted it set for the 11th. While it's possible to change the date, it won't automatically update the billing day code, which can lead to billing issues if the contract's cycle billing interval exceeds 28 days or a month. The tutorial advises using a quick launch feature for updating to ensure that both the date and billing day code align correctly for proper billing.