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In this video tutorial, the speaker discusses the necessity of having a contract as a freelance social media manager. Key points include the importance of establishing clear terms, pricing, start and end dates, and cancellation procedures in the contract. The video promises a real-life example of a contract used by the speaker over the years. It emphasizes that both the freelancer and client can set the terms of the contract and raises the question of whether a tool is needed to send and sign the contract. The presenter encourages viewers to subscribe and like the video if they find the content helpful.