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In this video, the speaker emphasizes the importance of service agreements for anyone starting a new contract. They highlight that upon landing a contract, companies typically send various paperwork, including vendor agreements, policies, and requests for documentation like insurance information and W9 forms. New contractors often hastily provide this information while eagerly anticipating work and payment. However, the speaker stresses the necessity of protecting oneself by ensuring a service agreement is in place before proceeding. This agreement serves as a crucial safeguard for contractors working with new clients.