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In this tutorial, the speaker demonstrates how to effectively use the find and replace feature in Word to streamline the editing of a lengthy contract document. The contract contains multiple instances of the placeholder text "signature" enclosed in brackets, indicating where signatures are required. The goal is to replace each occurrence of this placeholder with a predefined signature block from another document. The speaker starts by selecting the text of the desired signature block, illustrating how to seamlessly implement the find and replace functionality to enhance the efficiency of document preparation.