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In this video, the speaker emphasizes the importance of having a service agreement in place when starting work with a new contract. They explain that newcomers often receive vendor agreements and various requests for information, such as insurance details and tax forms like the W9, which can make them eager to comply and get started. However, in the rush to provide this information and begin work, they often overlook the crucial step of protecting themselves through a service agreement. The speaker stresses that a service agreement is essential for safeguarding their interests and ensuring clear expectations with the hiring party.