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This video discusses the importance of a Business Requirements Document (BRD) in organizations, especially in waterfall organizations. The BRD serves as a formal contract between business owners and designers/developers for software features. It is a detailed document that reflects weeks or months of work. The example provided is generic and can be a good start for organizations without a BRD template. If organizations already have a template, it may be similar with some additions or changes to make it more relevant.