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This article is the first in a series on a rapidly-evolving area of patent law: determining the “reasonable and non-discriminatory” (RAND) royalty rate for licensing a standard-essential U.S. patent. RAND royalties arise when technology promulgated by a standards-setting organization (SSO), such as the Institute of Electrical and Electronics Engineers Standards Association (IEEE-SA), is accused of infringing a patent claim contended to be “essential” to practicing the standard. In Europe, they are known as fair, reasonable, and non-discriminatory (FRAND) terms, but are considered synonymous with RAND. Who is impacted by this developing area of patent law? Anyone at a company whose products incorporate standardized technology.