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In this video, the speaker discusses the importance of contracts in design projects, emphasizing that they are not a lawyer and are sharing personal insights rather than legal advice. The video defines two key written elements in design projects: proposals and contracts. A proposal outlines the project goals, deliverables, timeline, phases of work, and fees. The speaker plans to provide further details in a later video. Overall, the focus is on understanding the necessity and components of contracts in the design field, based on the speaker's experience.