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In this video tutorial by Drew Bowers Auger on consulting contracts, the emphasis is placed on the importance of signing a consulting agreement to prevent billing disputes and clarify engagement terms. Key points to address in the agreement include identifying the client as an independent contractor, specifying payment amounts, payment frequency, acceptable payment methods, and obtaining signatures from both parties. Sample consulting agreement templates are provided. It's advised to have clients sign your contract rather than the other way around. If required to sign their contract, it's crucial to read it thoroughly to ensure clarity on billing rates, frequency, and project completion, and to discuss any disagreements or uncertainties with the client.