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In this video, Redbeard from treesavages.com discusses five essential components that should be included in every tree removal contract to protect both the service provider and the customer. He emphasizes the importance of having contracts, as not utilizing them can lead to lost revenue and increased liability. Viewers are encouraged to visit treesavages.com for template contracts that can be customized for their own business. The first key element mentioned is a general scope of work, which outlines the types of services provided, such as hazard tree removal and wildfire mitigation, along with the relevant insurance coverage.