penalty


Also found in: Dictionary, Thesaurus, Legal, Acronyms, Idioms, Encyclopedia, Wikipedia.
Related to penalty: death penalty

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 ?
Thus in June 2006 or about 13 years after the re-imposition of the death penalty, RA 9346 was signed into law.
Sadly however, another bill is again being proposed to re-impose the death penalty allegedly for the purpose of deterring the commission of heinous crimes particularly the violation of the Dangerous Drugs Act and Large Scale Corruption in the government.
This move is undeniably so controversial in view of what happened to RA 7659 which is the previous law imposing death penalty. Said RA was repealed precisely because it failed to serve its purpose of deterring the commission of heinous crimes.
Reviving the death penalty therefore is providing a solution which has already been proven to be a failure in deterring heinous crimes.
voters had a choice to enshrine the death penalty in the state's
concern for the movement against the death penalty was the outcome of
candidate Donald Trump, an outspoken death penalty supporter who
efforts against the death penalty would face new obstacles during his
There is no general reasonable-cause exception for the estimated tax penalty; therefore, it is often more difficult to get the penalty removed, but it is not impossible.
Here are penalty abatement tips for the estimated tax penalty:
* It is fairly common for the IRS to credit a payment to the wrong tax period, causing an estimated tax penalty. Simply getting the IRS to move a payment to the correct year or period can save a client from paying this penalty.
* 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.