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The video tutorial demonstrates how to create and use templates in NitroSign Premium to streamline document preparation. Templates include pre-defined form fields for approvers, signing fields, and receivers, reducing preparation time. To create a template, access the template portal, name the template, and upload files. For example, an HR manager creating a template for onboarding employees might include an employee handbook and travel policy. Customize the template by defining the package title, changing the template name, and managing documents. When adding form or signing fields, users can choose form field types and fill in details.