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In this video tutorial by Ivan from SimpleSheets, viewers learn about the contract management template, one of over a hundred available templates. The introduction sheet provides a description of the template, key term definitions, customization difficulty, and instructions for use, along with guidance on utilizing templates with compatible online services. The template features a central dashboard for tracking various contracts with customers, vendors, partners, or employees. The tutorial emphasizes utilizing the contract database sheet as the starting point for managing these engagements. Viewers are encouraged to like and subscribe to support the channel and are offered five free templates before purchasing.