1. What is a Royalty Agreement?
The mind of humans can create wonders and such creations are termed Intellectual properties of the person creating them. They are of high value and can be sold off for monetary gain. Royalty is a reward that the creator earns upon the assignment of his intellectual property rights. A Royalty Agreement is an agreement between the creator and assignor whereby the creator agrees to assign his right in the IP to the assignor in exchange for Royalty, the amount of royalty, etc are mentioned.
2. Why is it important?
a. Royalty agreement protects the legal rights of the creator
b. It also benefits any individual or company who uses the intellectual property and earns profits.
c. In case there is a breach of contract, the creator has all the rights reserved and can also claim a penalty.
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