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In this video tutorial, the importance of service agreements for new contractors is discussed. When starting a new contract, it is common for clients to request various documents such as insurance information, EIN number, and W9 form. However, it is crucial for contractors to also protect themselves by providing a service agreement to outline terms and expectations. Moving quickly to start work can sometimes lead to neglecting the need for proper protection. Service agreements are essential for ensuring fair and clear terms for both parties involved in the contract.