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 ?
Our current system equally penalizes people who voluntarily put themselves at an increase of having health problems and those who have problems which they could control.
Do not penalize an entire fund if one person exceeds the Sec.
Attempts were made, but ultimately not included in the bill, to penalize retailers who sell or rent such video games to young people.
Because for the record, your honor, he (Duterte) did not call me up to give instructions whether to absolve or to penalize Marcos.
90-105 will capriciously penalize taxpayers based on when they file their returns.
It does not make sense for us to penalize a company for its business success by charging upgrade fees.
The RBI has reflected on the specifics of the matter, the response of the co-operative bank and personal submissions made by the bank on this topic, which confirmed the infringement and then the apex lender has decided to penalize the bank with financial punishment of Rs 5 lakh.