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Graphic designer Tom Satori emphasizes the importance of having a contract to protect oneself from abuse and legal issues in the design industry. He shares the benefits of using a contract, such as setting boundaries, hours worked, and payment agreements. By making adjustments to his own contract for 2021, he highlights the significance of constantly updating and improving contracts for freelancers. Satori also discusses how Skillshare Premium can benefit graphic designers by providing access to a variety of creative courses.