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In this video tutorial, the importance of having a contract as a freelance social media manager is emphasized. Key topics include whether a contract is necessary, its creation, and the tools for sending and signing it. The presenter shares a real-life example of a contract used over the years with a client. The video stresses that having a contract is essential, highlighting components such as pricing details, start and end dates, and cancellation procedures. Contracts are vital for defining the terms of the working relationship between freelancers and clients. The video encourages viewers to subscribe and engage if the content is helpful.