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In this tutorial, Sanjay discusses essential contract terms for software, website, and mobile application development engagements. He emphasizes the importance of creating a services agreement when entering into a contract with a client. Key points include defining the services offered, which typically involves the developer providing software, website, or application development. Sanjay highlights the need to specify development timelines and deliverables clearly, noting that disputes often arise from misunderstandings in these areas. Properly outlining these details is crucial for a successful engagement between the developer and client.