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This video discusses the importance and structure of a Business Requirements Document (BRD) in business analysis. The BRD serves as a contract between business owners and designers/developers for software features. It is a formal document that outlines the requirements for a project. The example used in the video is generic and can be a good starting point for organizations without a template. If there is an existing template, it may be similar with some adjustments for relevancy. The BRD is essential in waterfall organizations and is the result of weeks or months of work.