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In this video tutorial by Drew Bowers Auger, key aspects of consulting contracts are discussed. The primary document is the consulting agreement, which is crucial to prevent disputes regarding billing and engagement. Important points to include are: the client's hiring of your business as an independent contractor, payment amount, frequency, acceptable methods, and signatures from both parties. Sample consulting agreement templates are provided, highlighting that contracts often favor the party that drafted them. It's recommended to have clients sign your contract; if you must sign theirs, ensure to read it carefully and clarify any disagreements regarding rates, billing frequency, and project completion before proceeding.