A more thorough explanation:

Definition: Stumpage refers to the value of the trees standing on a piece of land. It can also refer to the license or permission to cut down those trees.

1. A lumber company wants to buy a piece of land to harvest the trees for timber. They negotiate with the landowner to determine the stumpage value of the trees.

2. A logger purchases a stumpage license from the government to cut down trees in a designated area of a national forest.

3. A landowner hires a professional forester to assess the stumpage value of the trees on their property before deciding whether to sell the timber.

These examples illustrate how stumpage can refer to both the value of the standing trees and the permission to harvest them. It is an important concept in the forestry industry, as it determines the financial value of the timber and who has the right to harvest it.