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In this video tutorial, the speaker discusses the necessity of having a contract when working as a freelance social media manager. Key points covered include the importance of specifying pricing, start and end dates, and cancellation terms within the contract. Additionally, the video highlights the roles of both the freelancer and the client in setting the contract, as well as whether tools are needed for sending or signing the contract. The speaker will also share a real-life example of a contract they have used for several years. The tutorial encourages viewers to subscribe and engage with the content if found valuable.