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In this video, the speaker discusses the importance of having a contract as a freelance social media manager. They emphasize that a contract is essential for defining key aspects such as pricing, project duration, and cancellation terms. The video will also cover who should create the contract, which is a collaborative effort between the freelancer and the client. Additionally, the speaker addresses whether tools are needed for sending or signing the contract. A real-life example of a contract used by the speaker will be shared for reference. The video encourages viewers to subscribe and engage with the content.