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In this video tutorial, the host discusses the necessity of having a contract for freelance social media managers. They emphasize the importance of contracts, stating that it is essential to outline pricing, project timelines, and cancellation procedures. The video will also address who creates the contract and whether tools are needed for sending and signing it. Additionally, a real-life contract example used by the host for several years with a client will be shared. The host encourages new viewers to subscribe and engage with the content for valuable insights on managing social media contracts effectively.