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A swimming pool contract is a formal agreement between a property owner and a contractor for construction or maintenance, ensuring legal protection for both parties by outlining their rights and responsibilities. The video explains the importance of having a swimming pool contract and details what should be included. It emphasizes that the cost of the contract depends on project type, pool size, and additional features like waterfalls and lighting, as well as materials and location. For accurate estimates, it's recommended to consult local contractors. DIY above-ground pools can start around $800, according to angie.com. For creating your own contract, a link is provided at the video's end.