royalty Hear it!

royalty definition - legal

n

  1. A payment made to the creator of an intellectual property (author, inventor, and so on) for each copy of the property that is sold.
  2. A share of the profit derived from real property that is reserved for the owner in exchange for granting a lessee, who is going to mine or drill the mineral rights on that land.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.