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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. This template is part of a collection of over a hundred pre-built, smart templates available for users. Viewers are encouraged to try five free templates before purchasing. The introduction sheet outlines key terms, customization difficulty, available sheets, and instructions for using the template. Additionally, there is guidance on utilizing these templates with compatible online services. The template provides a central dashboard for tracking contracts with customers, vendors, partners, or employees, beginning with the contract database sheet.