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In this tutorial, the speaker explains how to break down a rental contract for private rentals. The contract begins with the company's name and contact information at the top. The second page includes essential customer information, such as their name, address, drivers license number (along with the state and expiration date), date of birth, and phone number. Additionally, the contract should specify the unit number, date and time when the vehicle is sent out, and when it is expected to be returned. The speaker emphasizes the importance of collecting complete and accurate information for effective rental management.