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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 someone who provides services to a business but is not an employee. Examples include attorneys and bookkeepers. Having a written agreement is essential to clarify the relationship between the contractor and the business. Key components of the agreement should include a detailed description of the services to be performed and the payment terms. Kramer emphasizes the necessity of specifying these terms to ensure a clear understanding between both parties.