Statutory Rate
Type: noun
Pronunciation: /stat-yoo-tor-ee-rayt/
Also spelled or known as: Legal Royalty Rate
Plural: Statutory Rates
Related: Statutory Mechanical Royalty Rate
What does Statutory Rate mean? A royalty rate set by law or regulation.
In music, Statutory Rate often refers to legally established mechanical royalty rates for certain uses.
Statutory Rate synonyms: Legal Royalty Rate, Set Rate, Compulsory Rate
Example sentence: “The publisher charged the statutory rate for the cover license.”
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