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TeachMeFinance.com - explain Penalties 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. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.