Royalty

Definition - Noun
1  : a right delegated (as to an individual or corporation) by a sovereign
2 a  : a share of the profit or product reserved by the grantor esp. of an oil or mineral lease
compare overriding royalty
b  : a payment made to an author or composer for each copy of a work sold or to an inventor for each article sold under a patent



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Based on Merriam-Webster's Dictionary of Law ©2001.
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