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In this video tutorial by Abdullah Hammond, viewers learn how to manage contract expiry dates, a skill beneficial for HR professionals and applicable in various fields. He explains that a typical contract provides a starting date, for example, April 8, 2020, and a contract duration in months, such as 12 months. To determine the contract's ending date, the function "EDATE" is introduced, which calculates the date a specified number of months from the starting date. The EDATE function requires the starting date and the number of months, which can be either positive (to move forward in time) or negative (to go backward).