penalty in WordNet English dictionary

1. the act of punishing
   punishment  penalty  penalization  penalisation 
   
2. the disadvantage or painful consequences of an action or condition
   "neglected his health and paid the penalty"
   penalty 
   
3. (games) a handicap or disadvantage that is imposed on a competitor (or a team) for an infraction of the rules of the game
   penalty 
   
4. a payment required for not fulfilling a contract
   penalty