SUMMARY / RELATED TOPICS

Royalty payment

A royalty 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 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 other modes and metrics of compensation. A royalty interest is the right to collect a stream of future royalty payments. A license agreement defines the terms under which a resource or property are licensed by one party to another, either without restriction or subject to a limitation on term, business or geographic territory, type of product, etc. License agreements can be regulated where a government is the resource owner, or they can be private contracts that follow a general structure. However, certain types of franchise agreements have comparable provisions. A landowner with petroleum or mineral rights to their property may license those rights to another party. In exchange for allowing the other party to extract the resources, the landowner receives either a resource rent, or a "royalty payment" based on the value of the resources sold.

When a government owns the resource, the transaction has to follow legal and regulatory requirements. In the United States, fee simple ownership of mineral rights is possible and payments of royalties to private citizens occurs quite often. Local taxing authorities may impose a severance tax on the unrenewable natural resources extracted from within their authority; the Federal Government receives royalties on production on federal lands, managed by the Bureau of Ocean Energy Management and Enforcement the Minerals Management Service. An example from Canada's northern territories is the federal Frontier Lands Petroleum Royalty Regulations; the royalty rate starts at 1% of gross revenues of the first 18 months of commercial production and increases by 1% every 18 months to a maximum of 5% until initial costs have been recovered, at which point the royalty rate is set at 5% of gross revenues or 30% of net revenues. In this manner risks and profits are shared between the government of Canada and the petroleum developer.

This attractive royalty rate is intended to encourage oil and gas exploration in the remote Canadian frontier lands where costs and risks are higher than other locations. In many jurisdictions in North America and gas royalty interests are considered real property under the NAICS classification code and qualify for a 1031 like-kind exchange. Oil and gas royalties are paid as a set percentage on all revenue, less any deductions that may be taken by the well operator as noted in the lease agreement; the revenue decimal, or royalty interest that a mineral owner receives, is calculated as a function of the percentage of the total drilling unit to which a specific owner holds the mineral interest, the royalty rate defined in that owner's mineral lease, any tract participation factors applied to the specific tracts owned. As a standard example, for every $100 bbl of oil sold on a U. S. federal well with a 25% royalty, the U. S. government receives $25. The U. S. government will only collect revenues.

All risk and liability lie upon the operator of the well. Royalties in the lumber industry are called "stumpage". An intangible asset such as a patent right gives the owner an exclusive right to prevent others from practicing the patented technology in the country issuing the patent for the term of the patent; the right may be enforced in a lawsuit for monetary damages and/or imprisonment for violation on the patent. In accordance with a patent license, royalties are paid to the patent owner in exchange for the right to practice one or more of the basic patent rights: to manufacture, to use, to sell, to offer for sale, or to import a patented product, or to perform a patented method. Patent rights may be divided and licensed out in various ways, on an exclusive or non-exclusive basis; the license may be subject to limitations as to territory. A license may encompass an entire technology or it may involve a mere component or improvement on a technology. In the United States, "reasonable" royalties may be imposed, both after-the-fact and prospectively, by a court as a remedy for patent infringement.

In patent infringement lawsuits where the court determines an injunction to be inappropriate in light of the case's circumstances, the court may award "ongoing" royalties, or royalties based on the infringer's prospective use of the patented technology, as an alternative remedy. At least one study analyzing a sample of 35 cases in which a court awarded an ongoing royalty has found that ongoing royalty awards "exceed by a statistically significant amount the jury-determined reasonably royalty."In 2007, patent rates within the United States were: a pending patent on a strong business plan, royalties of the order of 1% issued patent, 1%+ to 2% the pharmaceutical with pre-clinical testing, 2–3%In 2002, the Licensing Economics Review found in a review of 458 licence agreements over a 16-year period an average royalty rate of 7% with a range from 0% to 50%. All of these agreements may not have been at "arms length". In license negotiation, firms might derive royalties for the use of a patented technology from the retail price of the downstream licensed product.

In Arab countries, a royalty as a percentage of sales may be difficult to transact. Trade marks are words, slogans, sounds, or other distinctive expressions that distinguish the source, origin, or sponsorship of a good or service. Trade marks offer the public a means of identifying and ass

Old Finland

Old Finland is a name used for the areas that Russia gained from Sweden in the Great Northern War and in the Russo-Swedish War. Old Finland was joined to the autonomous Grand Duchy of Finland as Viipuri province in 1812. In the Peace Treaty in 1721 that concluded the Great Northern War, Sweden was forced to cede Käkisalmi County and Viborg/Viipuri County to Russia; the ceded Finnish-speaking Ingria around Saint Petersburg, was not included in Old Finland. In the Peace Treaty in 1743 Sweden had to cede the areas in southern Karelia east of the Kymi river and around Savonlinna to Russia; the area corresponded with that of the medieval province subjugated to Viipuri castle. The Russian ruler guaranteed religion, property rights, old Swedish laws, some privileges to the inhabitants of these territories. However, a circumvention occurred, as the Russian administrators and Russian military were unfamiliar with the Swedish system; the Russians were used to a different system with serfdom. As a result, the economy of the area was markedly different from that on the other side of the border.

The ruler's guarantee froze the situation. Thus legal developments in Sweden were not introduced to these areas: the Viipuri and Käkisalmi territory did not adopt the 1734 General Law of Sweden, the new constitution of King Gustav III was not implemented in the entire area; the territories enjoyed a sort of autonomy and much particularism, since the Russian rulers applied similar principles here as in the Baltic Provinces. The administration resembled a German principality, rather than a Russian province. Under Russian rule the combined territories formed Government of Vyborg. Ecclesiastically, the areas were without a bishop; the church building in Viipuri and another in Hamina were assigned as cathedrals, with a diocesan chapter, led by the archdean. The area was not forced to contribute men to the Russian Army until 1797. However, there were many non-Finnish troops in the area after the 1788–90 war. Scandinavian-style district courts continued in judicial function, each with a judge and lay members.

However, the Russian estate owners and military ignored these courts' decisions and imposed illegal punishments on the peasants. Because of the absence of an evenly applied, up-to-date legal system in the area, apathy in some ways dominated among Old Finland's residents. Two of these are Maximilian von Alopeus and his brother David Alopaeus, born into a Finnish family in Viipuri and both serving many posts in Imperial administration, including ambassador in some Central European countries; these areas, Government of Vyborg, were referred to as Old Finland. The population in these provinces came to receive the same legal system as the rest of the Grand Duchy, including its Constitution and General Law, although some privileges took time to implement; the so-called donated estates in Karelia were a headache resolved by monetary compensation from the Grand Duchy's Treasury. This was a long lasting burden. Fief of Viborg Finnish Karelia History of the administrative division of Russia Viipurin läänin liittäminen muun Suomen yhteyteen, A. Danielsson-Kalmari

Fester Mudd: Curse of the Gold

Fester Mudd: Curse of the Gold is a point-and-click adventure game created by independent Finnish developer Paavo Härkönen for the Linux, Microsoft Windows, Ouya, iOS, Steam platforms. The game was designed with elements of typical Lucasarts adventure games from the 90s, it was meant to be a trilogy, but some time during the development of the second episode, the project was cancelled. The game is set in the Wild West; the first episode titled "A Fistful of Pocket Lint" has the inept but keen Fester Mudd receiving news from his brother Bud of striking gold and to meet him in the town of Loamsmouth. Once Fester gets there, he finds, he requires the help of a gunslinger to help him cross the Injun lands, but first needs to raise the money to hire him. Official Website Fester Mudd: Curse of the Gold at MobyGames