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In this video tutorial, the speaker discusses essential elements to include in a services business contract. They review an old one-page contract used at the beginning and highlight basic components necessary for an effective contract. Additionally, the tutorial introduces tools for quickly obtaining legally binding signatures. The speaker offers a free contract template for viewers to use in signing clients. Viewers are encouraged to like the video, subscribe for more content, and leave comments. Links for the free contract template and a signing tool called Signaturely are provided in the description.