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In this video tutorial, the importance of having a contract as a freelance social media manager is emphasized. It discusses who sets the contract and the necessity of including key elements like pricing, start and end dates, and cancellation procedures. The host shares a personal example of a contract used with a client and highlights the benefits of having a formal agreement. The video encourages viewers to subscribe and engage with the content. Overall, having a contract is strongly recommended for clarity and protection in freelance social media management work.