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What are royalties?

Question: 
What are royalties?
Answer: 

Payments for the sale or use of intellectual property (IP) paid to the owner of the IP and/or its inventor by an external entity.   U-M does not require you to disclose book royalties, but does require you to disclose as an outside interest any royalties for your IP that is licensed/optioned through the Univeristy of Michigan and/or other entity.