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In this video, the importance of service agreements for newbies in the contract industry is discussed. When landing a contract, individuals are often excited and eager to start work, leading them to overlook the need for proper documentation. Clients typically request various documents such as insurance information, EIN number, and W9 form. It is crucial to have a service agreement in place to protect oneself and ensure both parties are clear on the terms of the agreement. Don't operate without one.