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In this video tutorial, Drew Bowers Auger discusses essential contracts for consulting. He emphasizes the importance of signing a consulting agreement to prevent disputes regarding billing and engagement. Key elements to cover include the client's status as an independent contractor, payment terms (amount, frequency, acceptable methods), and signatures from both parties. The video provides sample consulting agreement templates and advises that contracts are often biased towards the party that drafts them. It is preferable for consultants to have clients sign their contracts. If required to sign a client's contract, it’s crucial to read it thoroughly, ensuring clear understanding of rate, billing frequency, and project completion, and to address any disagreements or uncertainties with the client.