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In this video tutorial, the importance of having a contract as a freelance social media manager is discussed. The key points covered include what to include in the contract, who sets the contract (you or the client), the need for a tool to send/sign the contract, and an example of a real-life contract. The speaker emphasizes the necessity of a contract, citing reasons such as stating pricing, start/end dates, and cancellation terms. Viewers are encouraged to subscribe and like the video if they find the content valuable.