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In this video, the speaker discusses software development agreements from an award-winning technology law firm perspective. A software development agreement is defined as a contract where developers work to build software for clients. There are two main approaches: agile and waterfall methods. Each requires precise drafting to avoid misunderstandings or misinterpretations regarding development specifications. Common clauses within these agreements include the client's requirements, project timelines, and deliverables. The video emphasizes the importance of clarity in these contracts to mitigate potential pitfalls in software development.