Royalty
Intellectual Property Rights
Solicitors & Lawyers
Legal Meanings
royalty
1.
A royalty is a percentage or fee paid on the proceeds of sale or exploitation of some work by a business, who has acquired the right from the creator to exploit their work. The work may be for instance a musical work by a composer, a literary work written by an author, an invention with intellectual property rights vesting in it.
Usage: The royalty for the licensing for the intellectual property was payable monthly in arrears.
Related Words: commission; contract; intellectual property rights.
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