What is 'overriding royalty' in SAP IS-OIL-UOM-MII - UOM Manufacturing Integration and Intelligence?

overriding royalty - Overview

• Component: IS-OIL-UOM-MII

• Component Name: UOM Manufacturing Integration and Intelligence

• Description: A percentage share of production, or the value derived from production, which is free of all costs of drilling and producing, and is created by the lessee or working interest owner and paid by the lessee or working interest owner and paid by the lessee or working interest owner.

overriding royalty - Details

• 
  Key Concepts: 
  Overriding royalty is a payment made to a third party for the right to use their intellectual property. In the context of SAP IS-OIL-UOM-MII UOM Manufacturing Integration and Intelligence, it is a payment made to a third party for the right to use their technology or software in order to integrate and manage manufacturing processes. 
  How to Use It: 
  In order to use overriding royalty, the third party must be willing to grant the right to use their technology or software. Once the agreement is in place, the payment can be made either as a lump sum or as a recurring fee. The payment should be based on the value of the technology or software being used. 
  
  Tips & Tricks: 
  When negotiating an overriding royalty agreement, it is important to ensure that all parties are clear on the terms of the agreement and that all payments are made in a timely manner. Additionally, it is important to ensure that all payments are properly documented and tracked in order to avoid any disputes in the future. 
  
  Related Information: 
  For more information on overriding royalty agreements, please refer to SAP’s documentation on Intellectual Property Rights (IPR). Additionally, you can find more information on SAP’s IS-OIL-UOM-MII UOM Manufacturing Integration and Intelligence here.