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In this video tutorial, the importance of having a contract as a freelance social media manager is emphasized. The speaker discusses key components to include, such as pricing details, start and end dates of the contract, and cancellation terms. The tutorial clarifies that both the freelancer and the client set the terms of the contract and addresses whether tools are needed for sending and signing the agreement. A real-life contract example is also shared to provide practical insight. The speaker encourages viewers to subscribe to the channel if they find the content valuable.