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U.S. copyright law Edit
A statutory royalty is a royalty based on a "statutory rate" set by Congress and appearing in the Copyright Act. These "statutory" royalties schemes allow a third party to use a work without the express consent of the copyright owner under certain conditions and according to specific requirements, in exchange for payment of royalties at a rate determined by the Copyright Royalty Board. The standard used by the Copyright Royalty Board in determining the statutory rate is the "willing buyer, willing seller" standard.