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In this video, Abdullah Hammond explains how to manage contract expiry dates, with a focus on applications in HR and beyond. He starts by establishing a contract's starting date (e.g., April 8, 2020) and its duration (e.g., 12 months). To calculate the contract's ending date, he introduces the EDATE function, which takes a starting date and a number of months as inputs. The EDATE function can utilize both positive and negative numbers; positive moves the date forward, while negative goes back in time. This method effectively helps track contract timelines and expiry.