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In this video tutorial, the presenter explains the key elements of a rental contract for private rentals. The contract begins with the company's name and contact information, though the address is blocked for privacy reasons. The main part of the contract includes the customer's information, requiring their name, address (city, state, zip code), driver's license number, state, expiration date, date of birth, and phone number. Additionally, the contract should specify the unit number, as well as the date and time when the vehicle is dispatched and when it is expected to be returned.