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Chris Gagne, an Agile Coach, discusses the importance of creating a working agreement within a team to improve productivity and happiness. The working agreement is a set of ground rules that the team follows to address issues that slow down productivity, such as distractions during meetings or tardiness. To create a working agreement, the team should identify potential risks to their success, prioritize them, and establish specific rules to prevent these risks from occurring. By proactively addressing potential obstacles, teams can work more efficiently and effectively.