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In this video tutorial, the speaker discusses essential elements to include in a services business contract and gives an overview of a one-page contract used in the past. Key points include an explanation of the basic components necessary for a legally binding agreement and recommendations for tools to expedite the contract signing process. The speaker offers a free contract template for viewers to utilize and encourages engagement by asking for likes, subscriptions, and comments. Additionally, a tool called Signaturely is introduced for efficient contract management, with links provided for viewers to access the template and the tool.