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In this video tutorial, the importance of service agreements for new contractors is emphasized. When landing a new contract, clients often request various documents such as insurance information, EIN number, and W9 form. While eager to start working, it is crucial not to overlook the need to protect oneself by having a service agreement in place. This agreement ensures that both parties understand the terms and conditions of the service being provided. It is essential to prioritize protecting oneself while also focusing on earning money.