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In this video, Simon Obee from Employment Innovations discusses free downloadable employment contract templates available for Australian businesses. These templates cover full-time, part-time, and casual employment. Obee emphasizes the importance of having an employment contract, which provides clarity on the terms and conditions of employment, such as employment type, work hours, overtime pay, notice periods for termination, and award coverage. He notes that employers must inform employees about award coverage in writing. Without a proper contract, these essential details may remain unclear, potentially leading to misunderstandings. A link to access the templates is provided in the video.