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In this video, Melbourne-based fashion and food photographer Julian Lalo discusses the importance of contracts for freelance photographers. He presents his personal contract, which he has developed over the years based on his experiences with clients. The contract is not a legally binding document but is designed for clarity and ease of understanding. Lalo emphasizes that many clients do not read the terms and conditions, so he aims to keep his contract to one page with subheadings and bullet points to highlight essential information. He updates the document whenever he encounters important issues with clients to ensure future clients are informed.