penalty payments
Fees for violations
Penalty payments are sums charged for violating terms of an agreement or failing to meet an obligation.
They commonly appear in contracts, tax law, and regulatory contexts: The company faced penalty payments for late delivery.
Unlike damages, which compensate for actual harm, penalty payments are predetermined amounts meant to discourage breach or noncompliance.
- tax penaltiesCharges for tax violations
- breach of contractFailure to perform agreed duties
- contract breachFailure to meet agreement
- late feesPenalties for delayed payment
- missed deadlineFailing to submit on time
overdue notice · fines · debt recovery · collection agency · financial settlements · administrative fees · fee waivers · moral hazard · escrow accounts · surcharges · garnishment · credit score · behavioral economics · reputational damage
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Benefits given for merit
bonuses · refunds · rebates · reimbursements · prize money
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Rewards prompting action
rewards · bonuses · performance bonuses · positive reinforcement · merit pay
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Additional compensation beyond base
rewards · performance bonuses · prize money · bounties · commissions
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