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In the video, the speaker discusses the common experience of underbidding construction jobs and the lessons learned from it. They acknowledge that many in the construction field have faced similar situations. Over time, they emphasize the importance of having a robust contract that protects both the contractor and the customer. The speaker points out that new contractors may not account for unforeseen circumstances in their bids, leading to cost overruns. They highlight the necessity of including clauses in contracts that cover unexpected issues, such as discovering rot, to safeguard against potential disputes with clients who may resist additional charges.