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In this episode of "All Up in Your Business," attorney Aiden Kramer discusses the importance of independent contractor agreements. An independent contractor is defined as anyone providing services to a business without being an employee. For instance, attorney Aiden Kramer acts as a contractor when servicing businesses, and hiring a bookkeeper similarly falls under this category. He emphasizes the necessity of having a written agreement that clarifies the relationship with the contractor. Key terms to include in the agreement are the specific services to be performed and the payment details for the contractor's work.