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In this video tutorial, the importance of having a contract as a freelance social media manager is emphasized. The speaker discusses who is responsible for setting the contract and shares insights on what to include, such as pricing, start and end dates, and cancellation terms. Viewers are encouraged to consider these elements seriously and are provided with a real-life contract example used with a client. The video aims to educate freelancers on the necessity of contracts to ensure clarity and protection in their working relationships. The speaker also invites new viewers to subscribe and engage with the channel content.