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In this video, agency owner Joel Kaplan discusses contract essentials for agency owners. He provides a free, comprehensive contract template and explains necessary modifications and important components to include. Joel, the CEO of Agency Lab, shares his experience in scaling his own social media marketing agency (SMMA) to peak earnings of $300K per month. He emphasizes the value of the contract in establishing clear terms and protecting both parties. The video is designed to help viewers understand how to effectively create and customize their contracts for success in their agencies. Viewers are encouraged to watch until the end for detailed insights.