Penalty

Business, Legal & Accounting Glossary

Definition: Penalty


Penalty


What is the dictionary definition of Penalty?

Dictionary Definition


n.

  1. in criminal law, a money fine or forfeiture of property ordered by the judge after conviction for a crime.
  2. an amount agreed in advance if payment or performance is not made on time, such as a “late payment” on a promissory note or lease, or a financial penalty for each day a building contractor fails to complete a job.

Cite Term


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Page URL
https://payrollheaven.com/define/penalty/
Modern Language Association (MLA):
Penalty. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
February 09, 2023 https://payrollheaven.com/define/penalty/.
Chicago Manual of Style (CMS):
Penalty. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/penalty/ (accessed: February 09, 2023).
American Psychological Association (APA):
Penalty. PayrollHeaven.com. Retrieved February 09, 2023
, from PayrollHeaven.com website: https://payrollheaven.com/define/penalty/

Definition Sources


Definitions for Penalty are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 29th April, 2020 | 0 Views.