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In this video, Mike the businessman emphasizes the importance of having a rental agreement in place when renting out vehicles. He highlights the potential risks of not having a proper rental car agreement, including legal issues and problems in case of incidents. Mike stresses the importance of creating a rental agreement with the help of a lawyer to ensure all bases are covered. Skipping this step can lead to serious consequences, so it is crucial to have a properly structured rental agreement in place before renting out vehicles.