The document discusses six key provisions that should be included in an outsourcing agreement to prevent potential pitfalls: 1) Protect intellectual property, 2) Ensure data privacy, 3) Require consent for subcontracting, 4) Include an exit strategy, 5) Establish dispute resolution procedures, and 6) Agree on processes to ensure security standards. Having a well-drafted outsourcing agreement with these provisions can help minimize risks when outsourcing business functions overseas.