Royalties are the monies paid to an inventor or creator every time their creation is sold or used. Royalties can be collected in any type of industry: print royalties, mechanical royalties, music royalties, and patent and trademark royalties. The money is paid based on many different types of compensation metrics. For example, a writer may collect an advance on his/her anticipated royalties from a publisher based on the number of sales of the book. An author can collect additional royalties if his/her book is made into a TV show or movie. Because patents and trademarks provide the owner with exclusive rights over an invention, it also gives the owner the right to divide and license his/her invention. Royalties on patents and trademarks can be assessed in many different ways: fixed fee per unit, a percentage of sales, and “relief from royalty” are just a few methods. Royalty rights can be extremely valuable and may provide an inventor with an income for many, many generations.
If you have a creation or idea and you would like to learn more about maximizing your opportunities, call Phoenix intellectual property attorney, Steven J. Laureanti at (480) 426-8397.