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In this video, the speaker discusses the importance of having a sales and service agreement in place with clients. The contract is essential for closing business deals and includes important legal terms that protect both parties involved. The agreement is presented as a critical step in the sales process, occurring after the client has reviewed the proposal and references. The speaker emphasizes the significance of having a professionally written agreement by highlighting the cost of hiring a lawyer to draft it. The video concludes with an offer to provide the contract as an editable document.