If I understand correctly, you have two different questions in here:
What kind of technical (as in programming) considerations should be set out?
What kind of technical (as in audio engineering) considerations should be set out?
For both questions, your best bet is to ask the person in charge. For the first one, it could be the lead audio programmer, while for the second one it could be the audio director.
Now, I suppose that since you're asking this in here, you are on a small team with no such roles, and your programmer probably doesn't know what you're talking about, so I'm going to answer with some general guidelines that could work for most projects. But in any case, I wouldn't recommend making decisions on your own. Discuss with your other team members to reach a conclusion.
That said, let's first talk about some technical (programming) considerations.
Usually, the format in which your audio files will be distributed is already determined by the platform or game engine you're using. If you're going to be doing multi-platform, it is likely that each platform will have completely independent resource directories, and the characteristics of audio files may be different for each platform.
For example, you may be required to turn in Ogg Vorbis files for Android, MP3 or AAC for iOS and WMA for Windows.
Sometimes, even the format is dependent on the purpose of each file. While iOS plays nice with MP3 and AAC files for any purpose, PlayStation Mobile requires MP3 for BGM, but only supports uncompressed PCM or Microsoft ADPCM.
Do ask your programmer what format must the files be in.
Most of the times, the basic specifications for the files will already be defined, so make sure you ask your programmer about this. For example, BGM files are usually distributed in stereo, while SFX and voice files are usually distributed in mono (so they can be easily positioned inside the game)
For bitrates and other parameters, once again, they are usually dependent on the engine or platform. If you have some freedom in here, consider that sound data is usually the biggest component of a game, and if the game is to be distributed via digital downloads, your programmer (and your customers) will thank you if you make the files as small as possible.
If you will be distributing on physical media, then the maximum distribution size is predetermined, and you will have to do some serious negotiations with the rest of the content creation team.
Some games require your sounds (mostly BGM) to be loopable; other games require your sounds to have strict timing constraints (like rhythm games). Most lossy compression schemes will add padding silence at the beginning and end of the track which may break loops and strict timing. Discuss these issues with your programmer.
There are too many ways to compress audio, so what I recommend you is to output a master version of each sound file in uncompressed PCM at 44.1KHz 16 bit Stereo, and then use that file to create the actual files for each platform. (Optimally, you could create a transform script which can be applied to each file so you don't have to reconvert each file each time you make a small change in the master file).
Now, in terms of technical (as in audio engineering) considerations, your programmer will most likely don't care, so you will have some more freedom in this area. There are some things you can do though to make your programmer's life easier:
All the sounds in the game should have normalized loudness. At the very least, all BGM files should have the same loudness between themselves, and all SFX files should have the same loudness between themselves. Don't make your programmer have to tweak the volumes inside the code.
Playback code is very limited, and can usually only do linear amplification. Because of this, between high and low loudness, high might be preferred, as reducing volume during playback usually leads to better results than amplifying it. It's difficult to say what should be the exact loudness, but as a rule of thumb, the greater the overall peak-to-peak amplitude is, the better you're using the sampling range.
You might want to load other games and play their sounds at their maximum volume settings and compare your sounds with theirs.
In terms of equalization, I would have to say this really depends on what other sounds your game will have. Apart from discussing this with the sound director, you might want to also take into consideration the playback hardware you will be using: while desktop computers may have a huge variety of playback hardware, handheld devices usually have very small speakers, and you may want to compensate for that. Arcade machines usually have much different requirements as well.