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In this video tutorial by Ivan from SimpleSheets, viewers are guided through a contract management template, one of over a hundred available pre-built smart templates. The introduction sheet provides a description, key term definitions, customization difficulty, and instructions for using the template. It also includes a guide for integrating with compatible online services. The primary feature of the template is a central dashboard, allowing users to manage and track various contracts with customers, vendors, partners, or employees. The tutorial begins with an explanation of the contract database sheet. Viewers are encouraged to like, subscribe, and try five free templates linked in the description.