Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Royalty
1. A payment made to an author or inventor for each copy of a work or article sold under a copyright or patent.
haulage royalty
See ROYALTY (2)
mineral royalty
A right to a share of income from mineral production.
mineral royalty.
See ROYALTY (2).
minimum-royalty clause
Patents. A royaltyagreement provision that prescribes a fixed payment by the licensee to the patent owner, regardless of whether the invention is used or not.
overriding royalty
A royalty retained by a mineral lessee when the property is subleased.
reasonable royalty
A royalty that a licensee would be willing to pay the inventor while still making a reasonable profit from use of the patented invention. 2. A share of the product or profit from real property, reserved by the grantor of a mineral lease, in exchange for the lessee's right to mine or drill on the land. - Also termed (in sense 2) override.
shut-in royalty
Oil & gas. A payment made by an oil-and-gas lessee to the lessor to keep the lease in force when a well capable of producing is not utilized because there is no market for the oil or gas. ( Generally, without such a payment, the lease will terminate at the end of the primary term unless actual production has begun. rptr. abbr. REPORTER. R.S. See revised statutes under STATUTE. RTC. abbr. RESOLUTION TRUST CORPORATION.