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

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A royalty is a payment made by the licensee to the licensor based on a percentage of sales or revenue generated from sales of licensed products or services. This allows the licensor to receive ongoing compensation for the use of their intellectual property. Milestone payments are made in increments as certain agreed-upon events or goals are achieved, while lump sum payments are a one-time payment for the use of the licensed property. A pay-off has no clear definition in the context of licensing agreements.

_____ Is a Payment to a Licensor Based on the Number