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In the project manager Master Class video, a discussion centers on the importance of a well-defined Statement of Work (SOW) in client agreements. The SOW serves as a crucial document outlining the project’s budget, deliverables, scope, and exclusions. A lack of specificity can lead to misunderstandings between the client and project manager. The conversation highlights the necessity of having detailed SOW elements, such as deliverables, due dates, and pricing, to avoid disputes. It emphasizes that a clear SOW can protect both parties and streamline project management, rather than relying solely on verbal agreements like handshakes.