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In this video tutorial, the presenter discusses the importance of service agreements for businesses, particularly for newcomers who have just secured their first contract. When hiring companies send necessary paperwork, including vendor agreements and policies, new contractors often rush to provide required information like insurance details, EIN numbers, and W-9 forms. However, in their eagerness to start working and earning money, they may overlook the crucial step of protecting themselves legally. The presenter emphasizes that it is essential to provide a service agreement to ensure that contractors safeguard their interests as they engage in new contracts.