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In this video, the speaker discusses software development agreements, outlining two broad types: agile and waterfall methods. A software development agreement is a contract where developers collaborate to create software for clients. The importance of precise drafting in these agreements is emphasized to avoid misunderstandings about the development process, specifications, and timelines. Key clauses you can expect to find in these documents include details on client requirements, project scope, and deliverables. The speaker also points out common pitfalls in software development that can arise if the agreements are not carefully constructed.