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 ?
The imposition of the death penalty is, therefore, mandatory if that is the sole penalty prescribed by law, or discretionary if the penalty ranges from reclusion perpetua to death.
AND THE PENALTY OF DEATH 11 (2005) ("Even when people deny the
* Be aware of the different methods used to calculate the penalty. For example, the penalty sometimes could be reduced or eliminated by using the annualized income installment method, which is often used if a taxpayer's income varies during the year, as is the case for many sole proprietors.
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.
6707A penalty is a deficiency to determine if the penalty was within its jurisdiction.
The penalty period now runs from December 2007 through September 2008--10 months, based on the gift of $100,000 made in June 2006.
* The penalty avoidance threshold would rise from "substantial authority" to "more likely than not" even for non-reportable transactions that are not disclosed.
When asked for his opinion in the case of the woman convicted of adultery, a crime that carried the penalty of death, he immediately pardoned the offender, while deploring the action, the sin (Jn 8).
In some states that have the penalty, laws permit the execution of offenders Who were as young as 16 when they committed their crime.
An awareness of the details of how these penalties are computed, particularly the penalty period, is necessary to assure that clients do not overpay these penalties.
If the FEC does find intent, the penalty can range from $10,000 to twice the total of the illegal contributions.
On their return the taxpayers stated the wrong code had been entered on the 1099-R; the distribution was from Ray Campbell's IRA, and thus was exempt from the penalty tax.