The conversation between human and AI assistant.
What is the difference between a royalty and a license?
I'm curious about the difference between a royalty and a license. Can you explain it to me?
Sure, I'd be happy to! A royalty is a percentage of revenue that is paid to the owner of a particular intellectual property, like a patent or a copyright. A license, on the other hand, is a legal agreement that grants permission to use or own the intellectual property.