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From The Collaborative International Dictionary of English v.0.44 [gcide]:
Penalty \Pe"nal*ty\, noun; pl. {Penalties}. [F. p['e]nalit['e]. See {Penal}.]
1. Penal retribution; punishment for crime or offense; the suffering in person or property which is annexed by law or judicial decision to the commission of a crime, offense, or trespass.
Death is the penalty imposed. --Milton.
2. The suffering, or the sum to be forfeited, to which a person subjects himself by covenant or agreement, in case of nonfulfillment of stipulations; forfeiture; fine.
The penalty and forfeit of my bond. --Shak.
3. A handicap. [Sporting Cant]
Note: The term penalty is in law mostly applied to a pecuniary punishment.
{Bill of pains and penalties}. See under {Bill}.
{On penalty of}, or {Under penalty of}, on pain of; with exposure to the penalty of, in case of transgression.
From WordNet (r) 2.0 [wn]:
penalty
noun
1: the act of punishing [syn: {punishment}, {penalization}, {penalisation}]
2: a payment required for not fulfilling a contract
3: the disadvantage or painful consequences of an action or condition; "neglected his health and paid the penalty" [ant: {advantage}]
4: (games) a handicap or disadvantage that is imposed on a competitor (or a team) for an infraction of the rules of the game
From Moby Thesaurus II by Grady Ward, 1.0 [moby-thes]:
98 Moby Thesaurus words for "penalty": abatement, acquittal, agio, allowance, amercement, bank discount, breakage, burden, burthen, cargo, cash discount, castigation, chain discount, charge, charge-off, chastening, chastisement, concession, condemnation, condign punishment, correction, cross, cumbrance, cut, deadweight, decision, deduction, depreciation, deserts, difficulty, disadvantage, disciplinary measures, discipline, discount, drawback, embarrassment, encumbrance, ferule, fine, forfeit, freight, hamper, handicap, impediment, impedimenta, imposition, imprisonment, incarceration, inconvenience, infliction, judgment, judicial punishment, kickback, landmark decision, load, lumber, mulct, nemesis, onus, pack, pains, pains and punishments, pay, payment, penal retribution, penalty clause, penance, penology, percentage, premium, price, price reduction, price-cut, punishment, punition, rebate, rebatement, reduction, refund, retribution, retributive justice, rollback, salvage, scourge, sentence, setoff, tare, time discount, trade discount, tret, trouble, underselling, verdict, weight, well-deserved punishment, what-for, white elephant, write-off
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