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In this video, the speaker emphasizes the importance of service agreements for anyone entering into contracts, especially newbies. When you secure your first contract, the hiring company will typically request various documents such as vendor agreements, insurance information, an EIN number, and a W9 form. While it's easy to get caught up in the excitement and focus on fulfilling the contract, the speaker stresses the critical need to protect oneself by providing a service agreement. This document serves as a safeguard to ensure that all parties are clear on the terms and conditions of the service being provided. The message is clear: don't operate without a service agreement.