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In this video tutorial, the importance of having a service agreement is discussed. The speaker emphasizes that when starting out in a new contract, it is crucial to protect oneself by having a service agreement in place. Many new contractors are eager to start work and may overlook the need for such an agreement. The speaker highlights the importance of providing all necessary documents, such as insurance information, EIN number, and W9 form, but also stresses the need for a service agreement to ensure protection.