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In this segment of the project manager Master Class, the discussion revolves around the importance of a detailed statement of work (SOW) in client agreements. The SOW is crucial as it outlines the project's budget, deliverables, and the scope of the project, clarifying what is included and excluded. The speaker emphasizes that a detailed SOW can protect against disputes with clients, particularly when disagreements arise over what was agreed upon. Key elements to include are deliverables, due dates, and pricing. The dialogue highlights the necessity of clear documentation to prevent conflicts and ensure mutual understanding between project managers and clients.