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In this video tutorial by Ivan from SimpleSheets, a step-by-step guide is provided for their contract management template, which is part of a collection of over a hundred pre-built, smart templates. Viewers are encouraged to try five free templates before making a purchase. The introduction sheet includes a brief description of the template, key terms, customization difficulty, and instructions for utilization. Additionally, there's guidance on using the templates with compatible online services. The template features a central dashboard for tracking contracts with customers, vendors, partners, or employees, starting with the contract database sheet.