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In this video, the speaker discusses the importance of contracts in design projects, emphasizing that they are sharing personal experiences rather than legal advice. They define two main written components: the proposal and the contract (or terms and conditions). The proposal details project goals, deliverables, timelines, phases of work, and fees. The speaker plans to create a future video focused on proposals. They make it clear that while their insights are based on their career, they are not substitutes for professional legal counsel.