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In this video, the speaker shares their experience of being unprepared for a client's request for a proposal and emphasizes the importance of two key documents for freelancers: a proposal and a contract. The proposal should outline the services offered and the associated costs, serving as a formal agreement to ensure clarity between the freelancer and the client regarding expectations and financial investment. The speaker notes that this information may have been previously discussed but that the proposal formalizes it. A link to a separate video on contracts is provided for further guidance.