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English definition of “penalty”

penalty

noun [C]     /ˈpenəlti/ (plural penalties)
FINANCE, LAW an amount of money that someone is forced to pay for failing to obey a rule , law , etc.: Taxpayers who do not send in their tax return by the deadline will pay a £ 100 penalty. exit/early-withdrawal/fixed penalty Savers who try to cash in their bonds in the first five years will usually face fixed penalty charges .impose/introduce a penalty Regulators prevented the broadband operator from imposing a penalty on customers defecting to other providers .without penalty Withdrawals can be made without penalty as long as 50 days ' notice is given. face / incur a penalty financial / hefty / stiff penalties
LAW a punishment for failing to obey a rule or law : Second-degree murder carries a maximum penalty of life imprisonment .abolish/oppose/seek the death penalty Several US states have considered bills that would abolish the death penalty.
→ See also surrender penalty
(Definition of penalty noun from the Cambridge Business English Dictionary © Cambridge University Press)
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