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In this video, Abdullah Hammond explains how to manage contract expiry dates. He emphasizes the importance of this skill for HR professionals, though it has wider applications. The tutorial begins by establishing a hypothetical contract start date of April 8, 2020, with a duration of 12 months. To determine the contract's end date, he introduces the "EDATE" function, which calculates a date based on a given start date and a specified number of months. The function can accept both positive and negative values for months, allowing users to project end dates either forwards or backwards in time.