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In this video, Ivan from Simplesheets provides a step-by-step tutorial on their contract management template, one of over a hundred pre-built templates available. Viewers can try five free templates via a link in the description. The introduction sheet explains the template's features, key terms, customization difficulty, and usage instructions, along with a guide on using templates with compatible online services. The main function of the template is to serve as a central dashboard for tracking contracts with customers, vendors, partners, or employees, beginning with the contract database sheet. Viewers are encouraged to like the video and subscribe to the channel.