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Thomas Loyaers, principal of the award-winning technology law firm Knockin Burroughs, discusses software development agreements in this video. There are two main types of agreements: agile and waterfall. Precision in drafting clauses is crucial to avoid misunderstandings. Key elements in a software development agreement include client requirements, specifications, milestones, payment terms, IP rights, warranties, and liability provisions. Software development agreements ensure clear communication between developers and clients.