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The importance of service agreements for new contractors is emphasized in the video tutorial. When starting a new contract, it is common for clients to request various documents such as insurance information, EIN number, and W9 form. However, new contractors often overlook the need to protect themselves by having a service agreement in place. This agreement helps outline the terms and conditions of the service being provided, protecting both parties involved. It is essential for contractors to understand the importance of having a service agreement to avoid potential issues in the future.