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In this video tutorial, the necessity and components of a freelance social media manager contract are explored. It confirms that having a contract is essential, highlighting the importance of outlining pricing, start and end dates, and cancellation terms. The presenter emphasizes that both the social media manager and the client play roles in setting the terms. Additionally, the video discusses tools for sending and signing contracts and includes a real-life example of a contract used by the presenter. The video encourages viewers to subscribe and engage if they find the content valuable.