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Simple English definitions for legal terms

minimum-royalty clause

Read a random definition: personal warranty

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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WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
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