penalty

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penalty

A payment required as a result of breaking the law or sometimes for breaching the terms of a contract. Most contract drafters assiduously avoid the term because private penalties are not enforceable. Instead, contract drafters use the terms liquidated damages, delay payments, or late fees.Even the prepayment penalty is really not a penalty but compensation to a lender for the loss of income suffered when a loan is paid off earlier than the terms allow.

References in periodicals archive ?
We used these data to estimate logistic regression models and evaluate the relation between the actual readmission penalty assessed to a given hospital and the themes that are related to the size of the penalty and the reaction of the hospital to the penalty.
With unparalleled experience, Penalty Pros keeps working until the penalty is removed.
The alternative is not to switchover and let the tenants freeze, nor is the penalty appropriate when there is an emergency situation and they need to do work on the system.
The California Catholic Conference of Bishops strongly supports an end to the death penalty and affirms the statement from the United States Conference of Catholic Bishops, A Culture of Life and the Penalty of Death, which was issued earlier this month.
23) If a reportable transaction gives rise to a carryback or carryforward of a loss, deduction, or credit, the penalty shall apply to such carryforward or carryback year, to the extent that any portion of an understatement is attributable to the reportable transaction.
For a listed transaction, the penalty is $100,000 for a natural person and $200,000 for all others.
For corporate taxpayers, the penalty is $200,000 for so-called listed transactions (LTs), including transactions "substantially similar" to a listed transaction; and $50,000 for all other RT categories.
It's tough to get shots when you spend all your time killing penalties,'' said center Ian Laperriere, who played a gritty game but managed to stay out of the penalty box.
The penalty taxes will be levied on any disqualified persons who benefit from the transactions and on organization managers who participate in the transactions knowing they are improper.
However, if a taxpayer's income increases from one year to the next by $40,000 ($20,000 for married individuals filing separately), the payment of 100 percent of the previous year's tax may not let that individual avoid the penalty.
Also, supporting the penalty definition are state regulations, Title 22 of the California Code of Regulations, which provide in part, that wages do not include penalties or damage awards paid by an employer to an employee for certain violations.
6707A(b) provides that the penalty for failing to include information on a reportable transaction (other than a listed transaction) is $10,000 for a natural person and $50,000 in any other case.