Royalty
/ˈrɔɪəlti/
Definitions
- (n.) A payment made to the owner of intellectual property for the right to use that property.
The author receives a royalty for each book sold.
- (n.) Monarchs or members of a royal family collectively.
The event was attended by members of the royalty.
Forms
- royalties
Commentary
In legal contexts, 'royalty' typically refers to payments for IP use; clarity in agreements is vital to specify calculation methods and scope.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.