"Industry standard" is a term that most often comes up in the negotiation of your contract. Basically, it means that your request should be acceptable because it is the standard practice in the publishing industry.
Knowing what is standard practice is essential before negotiating any contract, which is why I advise either securing an agent or an attorney for these negotiations. While some industry standards are well known, such as paperback royalties of 7.5% of the list price, some are less so (a reservation of rights clause).
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