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In this video, the host invites Joel Kaplan, CEO of Agency Lab, to provide insights on creating a contract for agencies. Joel shares his experience in helping social media marketing agency (SMMA) owners progress from starting their businesses to securing five clients, ultimately aiming for revenue of 100K per month. He discusses the essential elements to include in a contract and emphasizes the importance of customizing it for specific needs. The video details a comprehensive walkthrough of a sample contract, making it a valuable resource for agency owners looking to formalize their client agreements effectively.