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In this video, Mitchell Losey discusses the importance of contracts for new photography and video business owners. He highlights the common scenario where a service provider has not discussed payment with a client until after the work is completed. Many creatives find themselves in uncomfortable situations where they must bring up payment without prior agreement on pricing or service expectations. Losey emphasizes the necessity of addressing these topics early in the client relationship to avoid awkwardness later. He encourages viewers to establish clear contracts to ensure both parties understand the scope of work and payment terms from the beginning.