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I am curious to know the best procedure for moving my contacts, pictures, data, etc. from an old iphone 7 to a refurbished one? Any help would be appreciated.

There are two possibilities, iCloud backup over the internet or a local PC backup with iTunes, depending on what you have available and quantity of data to be transferred. Of course an iTunes Mac/PC backup and restore is usually way faster when GBs of data are involved as speed is limited by hardware only.