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In this video tutorial, the importance of having a service agreement when operating a business is emphasized. When accepting a contract, it is common to receive vendor agreements and requests for various documents such as insurance information, an EIN number, and a W9 form. However, it is crucial to not overlook the importance of protecting oneself by having a service agreement in place. This ensures that both parties understand their responsibilities and helps to prevent potential issues or disputes in the future. Make sure to prioritize protecting yourself when entering into contracts.