Business / Agriculture / Forfeiture Penalty (Sugar): A penalty paid to the Commodity Credit Corporation by a processor of sugar beets or sugarcane who, having taken out a nonrecourse loan, decides to hand over sugar pledged as collateral to the CCC rather than accept the then-market price (see loan forfeiture). The penalty is 1 cent/lb. On raw cane sugar, 1.072 cents/lb. On refined beet sugar. Some view this penalty as lowering the price support levels authorized by the FAIR Act of 1996 by the penalty amount (i.e., for raw cane sugar, from 18 cents/lb. To 17 cents/lb.).
Penalty Adjective Synonyms: punishment, discipline, penance, sentence, forfeit, fine, handicap, price, mulct, amercement, imprisonment, incarceration
Entertainment / Ice Hockey / Penalty Box Assistant: This is an off-ice official who is in charge of allowing players back on the ice after they have finished serving their penalty. MORE
Business / Construction / Penalty clause : A provision in a contract that provides for a reduction in the amount otherwise payable under a contract to a contractor as a penalty for failure to meet deadlines or for failure of the project to mee MORE