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In this video, agency owner Joel Kaplan collaborates with the host, Arturo, to provide viewers with a comprehensive contract template for agency operations. They emphasize the importance of understanding key components that should be included in contracts. Joel, the CEO of Agency Lab, shares his experience in helping social media marketing agency (SMMA) owners reach five clients and scale their businesses to earn up to $100K monthly. He also discusses his background, mentioning he previously ran an SMMA that peaked at $300K per month. Viewers are encouraged to watch the entire video for valuable insights on modifying the contract for their needs.