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In this video tutorial by Drew Bowers Auger, key points about consulting contracts are discussed. The main focus is on the importance of signing a consulting agreement to prevent disputes regarding billing and engagement. Essential elements to include in the contract are: the nature of the relationship (independent contractor), payment amount and frequency, acceptable payment methods, and the signatures of both parties. Several sample consulting agreement templates are provided, highlighting that contracts often favor the party that created them. It is recommended to have clients sign your contract, but if you must sign theirs, carefully review it to ensure clarity on rate, billing frequency, and project completion, and discuss any disagreements or uncertainties with the client.