penaltypen·al·ty /ˈpenlti/ noun (plural penalties) [countableC]1a punishment for breaking a law or rulepenalty forThere will be increased penalties for dumping oil at sea.
The offence carries a maximum penalty of two years’ imprisonment.
The stiff penalties (=severe penalties) facing the eight racketeers are likely to act as a strong deterrent.
2BANKINGINSURANCEan amount of money someone has to pay if they do not keep to a legal agreement, especially an agreement with a bank or an insurance companypenalty forThere is a 10% penalty for withdrawing funds in the first three years.
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