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In this video tutorial, the importance of having a contract as a freelance social media manager is emphasized. Key points include the need for a contract to specify package pricing, start and end dates, and cancellation procedures. The presenter discusses who sets the contract between the freelancer and the client and whether specific tools are required for sending and signing the contract. Additionally, a real-life example of the presenter’s own contract used over several years with a client will be shared. Viewers are encouraged to subscribe and engage with the channel if they find the content valuable.