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In this video, the speaker discusses the importance of having a contract when working as a freelance social media manager. Key points include the necessity of a contract to outline pricing, work dates, and cancellation terms. The speaker emphasizes that both you and your client set the contract's terms, and addresses queries about tools for sending and signing the contract. The video also promises a real-life example of a successful contract used over several years. The speaker encourages new viewers to subscribe and interact if they find the content valuable. Overall, the message strongly advocates for having a formal contract in place.