10:38
Very happy with LR other than having to guess on a couple questions cuz of time
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LSDefine
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.