_____ is a payment to a licensor based on the number or value of licensed items sold.

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Royalty is a payment to a licensor based on the number or value of licensed items sold. Milestone payments are payments made upon the achievement of predetermined milestones or goals, often used in research and development agreements. Lump sum payments are fixed, one-time payments made at the beginning or end of a licensing agreement. An exclusive right refers to the sole right to make, use, or sell a product or service in a particular territory or market.

_____ Is a Payment to a Licensor Based on the Number