roy·al·ty n pl -ties
1: a right delegated (as to an individual or corporation) by a sovereign
2 a: a share of the profit or product reserved by the grantor esp. of an oil or mineral lease compare overriding royalty
b: a payment made to an author or composer for each copy of a work sold or to an inventor for each article sold under a patent
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.