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In this video tutorial, the importance of having a service agreement before operating a business is emphasized. When landing a contract, the client typically requests various documents such as insurance information, EIN number, and W9 form. It is essential to protect oneself by providing a service agreement to ensure both parties are clear about the terms and conditions of the work. Rushing into work without a service agreement can leave one vulnerable to potential disputes and issues. Protecting oneself is key in business transactions.