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In this video, Thomas lawyers from Burroughs discuss software development agreements, highlighting their significance in the technology and intellectual property sectors. A software development agreement is a contract between a developer and a client for software creation, encompassing two primary methodologies: agile and waterfall. Key to these agreements is precise drafting to avoid misunderstandings regarding specifications and timelines. Common clauses typically cover client requirements, development processes, and expectations. The video also touches on potential pitfalls in software development agreements, emphasizing the importance of clarity to ensure successful outcomes.