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In this video, Arturo invites Joel Kaplan, the CEO of Agency Lab, to discuss essential elements of a contract vital for agency success. They aim to provide a comprehensive, editable contract template for viewers. Joel shares his background as a former agency owner who scaled his business to $300K per month and explains the purpose of Agency Lab, which is to coach SMMA owners from starting their agencies to achieving five clients and scaling to $100K monthly. Throughout the video, they highlight crucial components and modifications needed in contracts for effective agency operations. Viewers are encouraged to watch until the end for detailed insights.