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Simple English definitions for legal terms
haulage royalty
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A quick definition of haulage royalty:
Haulage royalty is a type of payment made to someone who owns the rights to something, like a book or invention, every time it is sold or used. It's like a fee for using someone else's idea or creation. If there is no set price for the royalty, a court will decide what is fair. This is often used in cases of patent, copyright, or trademark infringement.
A more thorough explanation:
Haulage royalty is a type of payment made to the owner of a transportation company for the use of their vehicles to transport goods. It is similar to a fee or commission that is paid to the owner of the vehicles for each load of goods that is transported.
For example, if a company hires a transportation company to move their goods from one location to another, they may be required to pay a haulage royalty for each load of goods that is transported. The amount of the royalty may be based on the weight or volume of the goods, the distance traveled, or other factors.
The haulage royalty is an important source of income for transportation companies, as it helps to cover the costs of maintaining and operating their vehicles. It also provides an incentive for companies to invest in new vehicles and technologies that can improve the efficiency and safety of their operations.