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In this video, the speaker discusses software development agreements, focusing on their two main types: agile and waterfall methods. A software development agreement is a contract where developers collaborate to create software for a client. Key aspects of these agreements include clearly drafted clauses to prevent misunderstandings regarding the project's requirements, specifications, and timelines. Common clauses found in such agreements also address clients' needs, project deliverables, and potential pitfalls in software development. The emphasis is on the importance of accuracy in drafting to ensure all parties are aligned on expectations and responsibilities.