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In this video tutorial by Drew Bowers, the importance of consulting agreements is emphasized to prevent disputes regarding billing and engagement. Key points to include in a consulting contract are the acknowledgement of the consultant as an independent contractor, payment terms (amount, frequency, and methods), and signatures from both parties. A few sample templates are provided, highlighting that contracts may favor the creator. It is advised to have clients sign your contract, but if you must sign theirs, thoroughly review it to ensure clarity on rates, billing frequency, and project completion. Discuss any disagreements or uncertainties with the client for potential modifications.