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In this video tutorial by Ivan from SimpleSheets, viewers are guided through a step-by-step process of using a contract management template. The template is one of over a hundred available, and users can try five free templates via a link in the description. The introduction sheet provides a brief overview of the template, key definitions, customization difficulty, details about the included sheets, and usage instructions. Additionally, it includes guidance on using the templates with compatible online services. The template features a central dashboard for tracking contracts with customers, vendors, partners, or employees, starting with the contract database sheet.