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In this tutorial, Elena from Team Rahul Dave explores the significance of software development contracts, emphasizing that successful software execution involves more than just coding and project management. The contract serves as a crucial agreement between a company and a developer, outlining the company's requirements and the developer's commitment to create the software within a specified timeframe. It acts as a rulebook for the project. Elena intends to highlight the importance of these contracts by discussing a real-life case that exemplifies how the absence of a clear contract can lead to significant misunderstandings.