(A) Compensation that is determined by taking a percentage of revenue or sales. Used frequently in the licensing of intellectual property such as patent and copyright. (B) A compulsory payment per statute where a licensee who wishes to use the property must pay a royalty, at the compulsory rate, for its use. Law Dictionary - Alternative Legal Definition A payment reserved by … [Read more...]
ROYALTY
TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.