A licensing contract must be in writing and state the following elements:
- The title and description of the work,
- The right(s) being licensed,
- Whether the license is exclusive or non‐exclusive,
- The duration and the geographic scope,
- The amount or the method of remuneration and the date of payment,
- The liability for breaching the terms of the license
Additional elements that the parties consider necessary can be set forth in the license such as internal processes for peer review, auditing rights, etc.