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In this video, Thomas Lawyers, an award-winning intellectual property and corporate law firm, discusses software development agreements. These agreements are contracts where developers collaborate to build software for clients. There are two main types: agile and waterfall methods. Clear and precise drafting is vital to avoid misunderstandings about project specifications, timelines, and deliverables. Common clauses in these agreements cover client requirements, project milestones, and payment terms to ensure clarity in the development process. The video aims to highlight potential pitfalls in software development agreements to help navigate this essential aspect of technology law.