„Penalties“

1. Punishment, corporeal or pecuniary, or civil or criminal, although its meaning is generally confined to pecuniary punishment for doing an act that is prohibited or failing to do one which is required.

2. The sum of money which the obligor of a bond undertakes to pay in the event of his failure to perform his obligations under the conditions of the bond.

Black, H.C., 1991. Black’s Law Dictionary. 6th ed. St. Paul, Minn: West Publishing.