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A swimming pool contract is a legal agreement between a property owner and a contractor for pool construction or maintenance, ensuring mutual protection by clearly outlining each party's rights and obligations. The video discusses the importance of having such a contract and what elements to include. It highlights that the costs of a swimming pool contract vary based on project type, pool size, special features (like waterfalls and lighting), materials, and location. For accurate cost estimates, it's recommended to consult a local contractor. According to angie.com, a DIY above-ground pool can cost around $800. For guidance on creating your own swimming pool contract, a link is provided at the video’s end.