Written by Aisha McKinney, Esq., Principal Attorney & Co-Founder at Zova Law, and Jasmine Johnson Parker, Esq., Co-Founder & Counsel at Zova Law. Quick Answer: A licensing agreement should cover five core protections: exclusivity definition (who else can use the IP), territory and channel limits (where and how), royalty and payment terms (how much and when, including audit rights), quality control provisions (who can modify it and who owns derivatives), and termination and