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 ?
This means that the managing authority of the operational program found such irregularities in the organization of public procurement procedures, and that it penalizes this structure just as it sometimes penalizes municipalities.
A) - Turkish Foreign Ministry said Tuesday Turkey welcomed appeal of a French law that penalizes denial of Armenian allegations on Ottoman era incidents of 1915 to France's top constitutional body for annulment.
Sixty-six percent of colleges are checking to see if prospective students have criminal records, and many are using that data to determine whether to admit them, a practice that unfairly penalizes minorities, says the Center for Community Alternatives.
In May, the Connecticut Interscholastic Athletic Conference, which governs the state's high school sports activities, came up with a rule that penalizes coaches whose teams stomp all over their opponents.
Corruption acts like an invisible tax that unfairly penalizes those least able to bear the burden, said Philippe Levy, the Chairman of Transparency International, Switzerland, and a former ambassador.
The so-called earnings limitation penalizes senior citizens on Social Security once they earn more than $17,000 a year, Nicholson explained.