noun pl. penalties -·ties

1. a punishment fixed by law, as for a crime or breach of contract
2. the disadvantage, suffering, handicap, etc. imposed upon an offender or one who does not fulfill a contract or obligation, as a fine or forfeit; specif., a forfeit paid for withdrawal before maturity of invested funds
3. any unfortunate consequence or result of an act or condition
4. Sports any disadvantage, as a loss of yardage or the removal of a player, imposed because of infraction of a rule

Etymology: LME penalyte < ML poenalitas < L poenalis: see penal