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Heather Meeker, a lawyer and venture capitalist, discusses the importance of contribution agreements for open source projects. Inbound and outbound licenses are key concepts - contributors need to license their copyrights to the project, while recipients need to obtain rights under the project's open-source license. The grant of rights from contributors to the project is referred to as an inbound license. This ensures the project can exercise copyrights in the code and distribute it under the open-source license.