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In this video tutorial, Drew Bowers Auger discusses essential elements of consulting contracts. He emphasizes the importance of a consulting agreement to prevent disputes over billing and engagement. Key points to include are: acknowledging the client is hiring you as an independent contractor, outlining payment amount and frequency, acceptable payment methods, and obtaining signatures from both parties. Several sample consulting agreement templates are provided, noting that contracts may favor the party that created them. It is advisable to have clients sign your contract, and if you must sign theirs, ensure you thoroughly understand the terms related to rates, billing frequency, and project completion. Discuss any disagreements or uncertainties with the client.