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The speaker downloaded an independent contractor agreement from the internet without needing to sign up, which many people do. They describe the agreement as neither terrible nor great, but rather mediocre. The speaker, a business contracts lawyer, expresses that if they provided this document to a client, they could be sued for malpractice due to its significant incompleteness. They emphasize that this agreement is typical of those commonly found online. The speaker highlights specific parts in yellow that stood out as problematic, indicating that the agreement requires notable improvements.