Royalty – in the Law of contracts, the royalty has been established to be reserved percentage of the profit (also called “royalty income”), acquired by a trader, which percentage goes to the author, inventor or manufacturer (or to a person who holds the patent rights). In other words, royalties represent a fee for using author’s work and these are a way to secure the profit of authors on their products of art when being sold on the market. The royalties are type of personal property and could be inherited.
Sometimes authors participate in professional organizations, which look after their rights on this matter, especially in cases of unauthorized usage or sale of products or works or art.