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In today's video, Mike the businessman discusses the importance of having a proper rental agreement for renting out vehicles. He emphasizes the need to have rental car agreements properly created by a lawyer to cover all bases and avoid potential legal and financial issues. Mike shares that skipping this step can lead to problems in the event of an incident, stressing the significance of having a legally sound rental agreement in place. He highlights the risks associated with not having a rental agreement and recommends investing in a lawyer to ensure protection and clarity in rental transactions.