My understanding is based on my brief time doing college radio, so I may be wrong and welcome corrections. Basically, it means there doesn't need to be any for

My understanding is based on my brief time doing college radio, so I may be wrong and welcome corrections. Basically, it means there doesn't need to be any formal agreement between the broadcaster and the IP owner. If you own a radio station, you can play whatever song you want (provided it doesn't violate things like obscenity rules), and the IP owner can't say boo. The IP owner gets compensation, but they don't get to dictate what radio stations get to play their songs.