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In this video, the speaker discusses seven common mistakes event planners make in contracts, emphasizing the importance of including certain clauses to avoid legal issues. The first crucial element is a clear payment agreement detailing the total event cost, specific payment dates, and a payment schedule with exact amounts. The speaker stresses the need for clarity between planners and clients regarding payment terms to prevent misunderstandings and potential disputes. While sharing personal experiences, the speaker notes that the advice provided does not constitute legal advice but aims to highlight important contractual considerations for event planners.