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In this video tutorial, the host discusses essential elements to include in a services business contract, using a one-page contract from their early days as a reference. Key points covered include the basics of contract components and tools for quickly obtaining legally binding signatures. The host offers a free contract template for viewers to implement in their services business and encourages engagement through likes, comments, and subscriptions. Additionally, a tool called Signaturely is introduced for streamlining the signing process. Links to access the free contract template and Signaturely are provided in the description.