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In this video tutorial, the presenter explains how to use the Find and Replace feature in Microsoft Word. This tool is useful for replacing specific words or phrases throughout a document, such as in a template. The example used is an employee handbook, which includes spots for the company name displayed in bold and brackets. The presenter demonstrates the process by copying the company name, including the brackets, and accessing the Replace function under the editing area on the Home ribbon. They also address an error of copying an extra space, correcting it before proceeding with the replacement.