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In this video tutorial, the importance of having a contract as a freelance social media manager is discussed. The creator asserts that a contract is essential, highlighting several key components to include, such as pricing, start and end dates, and cancellation terms. The video also addresses who should set the contract, clarifying that both the freelancer and the client share this responsibility. Additionally, the tutorial covers tools for sending and signing contracts. A real-life example of an effective contract used by the presenter will be shared to illustrate best practices. Viewers are encouraged to subscribe and engage with the content.