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In this video, the speaker emphasizes the importance of having a service agreement when starting a contract, especially for newcomers. When landing a first contract, clients typically send vendor agreements and request various documents such as insurance information, EIN numbers, and W-9 forms. New contractors often focus on quickly providing this information to start work and earn money. However, the speaker stresses that in the rush, they may overlook the need to protect themselves legally. A service agreement is crucial to ensure that both parties understand their rights and responsibilities, highlighting the importance of safeguarding one's interests before beginning work.