Meaning of “late fee” in the English Dictionary

business-english dictionary

"late fee" in Business English

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late feenoun [ C ]

uk us

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” from the Cambridge Business English Dictionary © Cambridge University Press)