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In this video tutorial, the presenter explains the essential components of a rental contract for private rentals. The contract begins with the name of the rental company and includes contact information. The second page collects customer details such as name, address, driver's license number, state, expiration date, date of birth, and phone number. Additionally, the contract specifies the unit number, and the dates and times for vehicle pickup and return, ensuring clear communication and organization for the rental process.