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In this video tutorial, the importance of having a contract as a freelance social media manager is emphasized. Key points include the necessity of a contract, elements to include such as pricing, start and end dates, and cancellation procedures. The video also addresses who should set the contract, highlighting that both the freelance manager and the client play a role. Additionally, it queries whether a tool is needed for sending or signing the contract. A real-life contract example used by the presenter will be shared to illustrate these points. Viewers are encouraged to subscribe and engage with the content.