Dictionary Meaning and Definition on 'Royalties'
- Royalty \Roy"al*ty\, n.; pl. Royalties. [OF. roialt['e],
royault['e], F. royaut['e]. See Royal, and cf. Regality.]
- The state of being royal; the condition or quality of a royal person; kingship; kingly office; sovereignty. Royalty by birth was the sweetest way of majesty. --Holyday.
- The person of a king or sovereign; majesty; as, in the presence of royalty. For thus his royalty doth speak. --Shak.
- An emblem of royalty; -- usually in the plural, meaning regalia. [Obs.] Wherefore do I assume These royalties, and not refuse to reign? --Milton.
- Kingliness; spirit of regal authority. In his royalty of nature Reigns that which would be fear'd. --Shak.
- Domain; province; sphere. --Sir W. Scott.
- That which is due to a sovereign, as a seigniorage on gold and silver coined at the mint, metals taken from mines, etc.; the tax exacted in lieu of such share; imperiality.
- A share of the product or profit (as of a mine, forest, etc.), reserved by the owner for permitting another to use the property.
- Hence (Com.), a duty paid by a manufacturer to the owner of a patent or a copyright at a certain rate for each article manufactured; or, a percentage paid to the owner of an article by one who hires the use of it.
Wikipedia Meaning and Definition on 'Royalties'
Royalties (sometimes, running royalties, or private sector taxes) are usage-based payments made by one party (the "licensee") and another (the "licensor") for ongoing use of an asset, sometimes an intellectual property (IP). Royalties are typically agreed upon as a percentage of gross or net revenues derived from the use of an asset or a fixed price per unit sold of an item of such.
A license agreement defines the terms under which a resource or property such as petroleum, minerals, patents, trademarks, and copyrights are licensed by one party to another, either without restriction or subject to a limitation on term, business or geographic territory, type of product, etc. License agreements can be regulated, particularly where a government is the resource owner, or they can be private contracts that follow a general structure. However, certain types of franchise agreements have comparable provisions.[See more about Royalties at Dictionary 3.0 Encyclopedia]