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Simple English definitions for legal terms

minimum-royalty clause

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A quick definition of minimum-royalty clause:

A minimum-royalty clause is a part of an agreement between a person who owns a patent and someone who wants to use it. It says that the person who wants to use the patent has to pay a certain amount of money to the owner, even if they don't end up using the invention. Taxes are charges that the government makes people pay to get money for public needs. They can be paid in different ways, like with money or by doing something. An admission tax is a tax that you have to pay to get into a certain event.

A more thorough explanation:

A minimum-royalty clause is a provision in a royalty agreement that requires the licensee to pay a fixed amount to the patentee, regardless of whether the invention is used or not. This means that the licensee must pay the minimum amount even if they do not make any profits from the invention.

For example, if a company licenses a patent for a new technology and agrees to pay a minimum royalty of $10,000 per year, they must pay this amount even if they do not use the technology or make any profits from it.

A tax is a monetary charge imposed by the government on individuals, businesses, transactions, or property to generate public revenue. Taxes can take many forms, including income tax, sales tax, property tax, and excise tax.

For example, when you buy a product at a store, you may have to pay a sales tax on top of the price of the product. This tax is collected by the government and used to fund public services such as schools, roads, and healthcare.

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shaquilleoatmeal
16:03
@babycat: 😘 see you in a bit, grind out those essays before you hop back on
shaquilleoatmeal
16:04
appreciate the non wink since you didn't appreciate it them then lol
babycat
16:06
I'll do it for you ;)
16:06
Tough to justify attending a law school where the admissions office does epic resistance political commentary at the info session
BulbasaurNoLikeCardio
16:07
making me feel jealous here wow, I am about to go taste test a bunch of deserts for our baby shower this weekend.
BulbasaurNoLikeCardio
16:07
@milktoast: what school got political at an info session?
shaquilleoatmeal
16:11
nothin to be jealous about, i've been trying to slide into babycats dms but shes got a long line I guess I gotta wait in to see if I can get in lmao
babycat
16:11
omg if you get into ASU they give you travel expense reimbursement to go there for a visit. does anyone know which other schools do this? I'd love to get a comped vacation
shaquilleoatmeal
16:12
think BU gives you $300 or somethin
ClassyPleasantHeron
16:12
Where is ASU getting this kind of $$$ from? They waive CAS fees too.
babycat
16:13
@shaquilleoatmeal: yeah but then you have to go to Boston :(
shaquilleoatmeal
16:14
uva too
shaquilleoatmeal
16:14
whats wrong w boston ;(
GOT PROMOTED YAY how do i tell law schools abt this?
like do i type up and separate doc and send as an attachment? how much do i write?
shaquilleoatmeal
16:15
@jackfrost11770: LFGGGG
TYYYYYY
shaquilleoatmeal
16:16
do any of your schools have updated sections in the portal? If so, i'd upload there, if not email. Small paragraph should do it id think
1a2b3c4d26z
16:16
Who wanna play some operation metro later on
1a2b3c4d26z
16:16
Congrats jack!
thank you!!
babycat
16:16
@jackfrost11770: personally I would submit an updated resume reflecting the new position instead of a paragraph but idk what SOP is
getting a bacon egg and cheese in celebration
1a2b3c4d26z
16:18
lfg baby you earned that
babycat
16:20
also congrats!! big win
initiallaw
16:23
congrats!!
:D
the big W is that i get reimbursed for travel now thank GOD
jack moving up in the world :)
i have a brother named jack, so whenever i see your name im marginally happier than normal
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