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In this video tutorial by Drew Bowers Auger, the focus is on essential contracts for consultants, particularly the consulting agreement. Emphasizing the importance of having a signed contract to prevent disputes over billing and engagement, key elements to include are the client's acknowledgment of the consultant as an independent contractor, payment terms, payment frequency, acceptable methods, and signatures from both parties. Auger suggests using consulting agreement templates, noting that contracts may favor the creator. He recommends getting clients to sign your contract if possible, and if required to sign theirs, to carefully review the document to ensure clarity on rates, billing frequency, and project completion terms, addressing any misunderstandings directly with the client.