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In this video, Abdullah Hammond explains how to manage contract expiry dates, which is particularly helpful for HR professionals but applicable in other fields as well. He starts by establishing a contract's starting date (e.g., April 8, 2020) and its duration (12 months). To calculate the contract's ending date, he introduces the "E DATE" function, which requires a starting date and a number of months. Positive values move the date forward, while negative values move it backward. This function aids in identifying contract expiry effectively.