(law) Compensation for the use of a person’s intellectual property based on an agreed percentage of the income arising from its use (e.g., to an author on sale of his book, to a manufacturer for use of his machinery in the factory of another person, to a composer or performer, etc.). A royalty is a payment, lease or similar right, while a residual payment is often made on properties that have not been patented or are not patentable.

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