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A royalty payment is a payment made by one party to another that owns a particular asset, for the right to ongoing use of that asset. Royalties are typically agreed upon as a percentage of gross or net revenues derived from the use of an asset or a fixed price per unit sold of an item of such, but there are also other modes and metrics of compensation.
In this case, the author would immediately receive the $5,000, and royalty payments would be withheld until $5000 in royalties already paid had been earned — that is, until the publisher's takings from selling copies of the book reached $100,000; after that point the 5% royalty would be paid on any additional sales. [1] [2]
As a result, rather than paying royalties based on a percentage of a book's cover price, publishers preferred to pay royalties based on their net receipts. During the 1986–92 court case of Andrew Malcolm vs Oxford University, Frederick Nolan, author and former publishing executive, explained how the new system made sheet dealing possible:
The author pays for none of this and expects to get paid (assuming the book sells). If the publisher rejects the book, then the author is free to sell it to a different publisher. The money ultimately comes from book sales. The author(s) writes whatever they want. The author hires whichever vanity press, e-book publishing platform, or printer ...
The co-publishing ("co-pub") deal is perhaps the most common publishing agreement. Under this deal, the songwriter and the music publisher are "co-owners" of the copyrights in the musical compositions. The writer becomes the "co-publisher" (i.e. co-owner) with the music publisher based on an agreed split of the royalties.
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