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In this video, Abdullah Hammond explains how to manage contract expiry dates, focusing on its relevance for HR professionals and other applications. He begins by stating a contract's starting date, exemplified as April 8, 2020, and a duration of 12 months. To calculate the contract's end date, he introduces the use of the "EDATE" function. This function requires a starting date and a number of months—positive values move forward in time, while negative values move backward. The tutorial aims to simplify the process of determining contract expiry dates efficiently.