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In this video, the speaker discusses the importance of having a service agreement in place, particularly for newcomers who have just landed their first contract. New hires often receive various paperwork from clients, including vendor agreements, policy demands, insurance information, EIN numbers, and W9 forms. While eager to start working and earning money, many overlook the crucial step of protecting themselves legally. The speaker emphasizes that submitting a service agreement is essential to ensure proper protection in business dealings.