Established royalty refers to a predetermined fee that an individual has agreed to pay for the use of someone else’s property. This concept is commonly applied to copyrighted books or patented inventions. In cases where no specific fee has been established, a court will determine a fair price known as a reasonable royalty. This reasonable royalty represents the amount that someone would be willing to pay while still ensuring profitability. This concept holds significance in situations where unauthorized use of someone’s property has occurred and compensation is required.
Established royalty refers to a fixed payment made to an author or inventor for each sale of their copyrighted or patented work. This predetermined royalty is agreed upon in advance, such as when an author agrees to receive $1 for every book sold. In cases where there is no established royalty, a court will determine a remedy for infringement based on what a reasonable royalty would have been. A reasonable royalty is the amount that a licencee would be willing to pay the holder of the intellectual property rights while still making a reasonable profit from its use. This standard is often used to calculate damages in cases of patent, copyright, trademark infringement, or misappropriation of trade secrets. For example, if a company uses a patented technology without permission, the patent holder can sue for damages. The court will then assess what a reasonable royalty would have been for the use of that technology and award damages accordingly. In summary, established royalty is a predetermined payment for the use of intellectual property, while reasonable royalty is a fair and reasonable payment in the absence of an established royalty.
Established royalty refers to a legal concept where a person or entity is entitled to receive a certain percentage or amount of money from the profits or revenues generated by a particular asset, such as intellectual property or real estate.
The determination of established royalty depends on various factors, including the terms of the agreement between the parties involved, the nature of the asset, market conditions, and industry standards. It is typically negotiated and agreed upon between the parties involved.
Yes, established royalty can be transferred or assigned to another party through a legal agreement, such as a contract or assignment document. However, the transfer or assignment is subject to the terms and conditions specified in the original agreement and any applicable laws.
Yes, established royalty can be modified or renegotiated if both parties agree to the changes. This usually requires an amendment to the original agreement, which outlines the revised terms and conditions of the royalty arrangement.
If the party responsible for paying established royalty fails to fulfill their obligations, the affected party may have legal remedies available. This can include filing a lawsuit to enforce the payment of the royalty, seeking damages for breach of contract, or pursuing other appropriate legal actions.
Yes, established royalty payments are generally subject to taxes. The specific tax treatment may vary depending on the jurisdiction and the nature of the royalty income. It is advisable to consult with a tax professional or attorney to understand the tax implications of receiving or paying established royalty.
Yes, established royalty can be terminated if the parties involved agree to do so or if certain conditions specified in the original agreement are met. Termination may occur due to expiration of the agreement, breach of contract, or other circumstances outlined in the agreement.
In some cases, established royalty can be inherited if the original agreement allows for it or if applicable laws permit the transfer of royalty rights through inheritance. It is important to review the terms of the agreement and consult with an attorney to determine the specific rights and obligations related to inheritance.
Enforcement of established royalty internationally can be complex and depends on various factors, including the countries involved, applicable international treaties, and the legal framework of each jurisdiction. It is advisable to consult with an attorney experienced in international intellectual property or contract law to navigate the enforcement process.
Yes, established royalty can be challenged or disputed if there are valid grounds to do so, such as a breach of contract, fraud, or a significant change in circumstances. In such cases, the affected party may need to initiate legal proceedings to resolve the dispute and seek appropriate remedies.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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