penalty noun definition in Economy topic from the Oxford Advanced Learner's Dictionary

penalty

 noun: Economy topic
a punishment for breaking a law, rule or contract to impose a penalty Assault carries a maximum penalty of seven years' imprisonment. penalty (for something) The penalty for travelling without a ticket is £200. Contractors who fall behind schedule incur heavy financial penalties. a penalty clause in a contract You can withdraw money from the account at any time without penalty. Harsher penalties are being imposed for crimes involving firearms.

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