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In this video tutorial, the speaker discusses the essential considerations when licensing artwork and reviewing contracts with companies. They share their experience collaborating with Control Prepaid MasterCard, which licensed their artwork for an artist series card. Key points to consider in contracts include understanding payment terms—whether receiving royalties or a flat fee. When royalties are involved, it's crucial to clarify the percentage and whether it’s based on revenue or profit, along with the number of items to be produced. The speaker emphasizes the importance of thoroughly examining these terms to ensure fair compensation for licensed artwork.