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In this video, the speaker discusses software development agreements, which are contracts between developers and clients for building software. There are two main types: Agile and Waterfall methods. The speaker emphasizes the importance of precise drafting of clauses to prevent misunderstandings regarding the specifications and timelines of development. Common elements of software development agreements include the client's requirements and specific details about the project. Additionally, the video highlights potential pitfalls in software development that can arise from improperly defined agreements.