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In this video tutorial, the importance of service agreements for new contractors is discussed. When landing a new contract, clients typically request various documents including vendor agreements, insurance information, and tax forms. It is emphasized that new contractors should not overlook the need to protect themselves by providing a service agreement to the client. This agreement helps to outline the terms and conditions of the work to be done, ensuring both parties are clear on expectations and responsibilities. It is crucial for contractors to prioritize their own protection while focusing on completing the work and receiving payment.