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In this video tutorial, Drew Bowers Auger discusses essential contracts for consulting, focusing on the consulting agreement. He emphasizes the importance of having a written contract to avoid disputes regarding billing and engagement. Key points to cover in the agreement include the client hiring the consultant as an independent contractor, payment amount, frequency, acceptable payment methods, and signatures from both parties. Auger provides sample consulting agreement templates and advises that contracts often favor the party that drafted them. Ideally, consultants should have clients sign their contract. If consultants must sign a client’s contract, they should carefully review it to ensure clarity on rate, billing frequency, and project completion, and discuss any disagreements with the client.