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In this video, the speaker emphasizes the importance of having a service agreement in place when starting a new contract. New contractors often receive vendor agreements and various requests for documentation, such as insurance information, EIN numbers, and W-9 forms. While it's easy to be eager and submit these documents quickly to begin work, the speaker warns that this approach can overlook crucial self-protection. They stress the need for contractors to ensure they provide a service agreement to safeguard their interests before proceeding with any contract work.