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The tutorial is about creating a new contract using a contract template in Oracle Fusion Cloud. The instructor explains that although various contract templates have been created in previous lessons, a new contract has not been created from them. The video provides a step-by-step guide on how to pull the contract templates and use them to create a new contract form. The presenter notes that they are using the latest version of Oracle Fusion Cloud application, 21b. To create a new contract, users need to access the task menu, manage contact templates, and select the desired template to start the process.