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In this video, Abdullah Hammond explains how to manage contract expiry dates, which is particularly useful for HR professionals but applicable in various contexts. He begins by establishing a sample contract starting on April 8, 2020, with a duration of 12 months. To calculate the contract's ending date, he introduces the EDATE function. This function requires the starting date and the number of months to add (positive) or subtract (negative). By inputting these parameters, users can effectively determine when a contract will expire.