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In this video, Thomas Lawyers, a technology and corporate law firm, discusses software development agreements. These agreements are contracts wherein developers build software for clients and encompass two main approaches: agile and waterfall methods. The speaker emphasizes the importance of precise drafting in these agreements to prevent misunderstandings or mis-specifications regarding project requirements and timelines. Common clauses in software development agreements include details about client requirements, the scope of work, and crucial terms to define the relationship between developers and clients. Additionally, the discussion touches on potential pitfalls in software development, underscoring the need for clarity in the legal documents.