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Dictionary Meaning and Definition on 'Royalties'

Royalties Meaning and Definition from Webster's Revised Unabridged Dictionary (1913)
    Royalty \Roy"al*ty\, n.; pl. Royalties. [OF. roialt['e], royault['e], F. royaut['e]. See Royal, and cf. Regality.]
  1. 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.
  2. The person of a king or sovereign; majesty; as, in the presence of royalty. For thus his royalty doth speak. --Shak.
  3. An emblem of royalty; -- usually in the plural, meaning regalia. [Obs.] Wherefore do I assume These royalties, and not refuse to reign? --Milton.
  4. Kingliness; spirit of regal authority. In his royalty of nature Reigns that which would be fear'd. --Shak.
  5. Domain; province; sphere. --Sir W. Scott.
  6. 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.
  7. A share of the product or profit (as of a mine, forest, etc.), reserved by the owner for permitting another to use the property.
  8. 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.
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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.

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