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In this video, an agency owner with a monthly revenue of $300K collaborates with Joel Kaplan, CEO of Agency Lab, to share a customizable contract template for viewers. They emphasize the importance of understanding and altering key elements of the contract as necessary. Joel introduces himself and explains that Agency Lab offers coaching for social media marketing agency (SMMA) owners, guiding them from starting their agencies to acquiring clients and scaling to $100K monthly. He also shares his experience of successfully scaling his own SMMA to seven figures. Viewers are encouraged to watch until the end for all essential insights on contract changes.