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A pool contract is an agreement between a property owner and a contractor for pool construction or maintenance, legally protecting both parties by outlining their rights and obligations. The video discusses the importance of having a swimming pool contract and the elements to include in it. It emphasizes that the cost of a pool contract varies based on project type, pool size, included features (like waterfalls and lighting), materials used, and location. For accurate pricing, consulting a local contractor is recommended. The video also mentions that a DIY above ground pool might cost around $800. For more information and to create your own pool contract, viewers are encouraged to follow a link at the video's end.