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In this YouTube video tutorial, the importance of having a contract as a freelance social media manager is emphasized. The key points covered include the need for a detailed contract outlining pricing, start and end dates, and cancellation terms. The video also provides a real-life example of a contract used by the creator with their own clients. Additionally, the tutorial discusses the tools needed to send and sign contracts. Overall, having a social media management contract is highly recommended for both the freelancer and their client.