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In this video, the speaker discusses the importance of having a contract for design projects, emphasizing that they are not a lawyer and are sharing personal insights rather than legal advice. They outline two main written components in design projects: the proposal and the contract (or terms and conditions). The proposal details project goals, deliverables, timelines, phases of work, and fees. The speaker indicates that further explanations on these topics will be provided in future videos. The focus is on understanding the role and content of contracts in the context of design work.