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English definition of “late fee”

late fee

noun [C]    
an extra amount of money that must be paid if a payment is made after a certain date or time limit: Vendors must pay a late fee if they don't pick up their permits on time. In some states, the law says that even if you are late only once, the lender can charge a late fee on all your payments.
(Definition of late fee noun from the Cambridge Business English Dictionary © Cambridge University Press)
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