noun (n)

• the act of punishing(noun.act)

  Synonym:
  correction, discipline, penalisation, penalization, punishment
  

  source: wordnet30
• a payment required for not fulfilling a contract(noun.possession)

  source: wordnet30
• the disadvantage or painful consequences of an action or condition(noun.attribute)

  Example:
  Neglected his health and paid the penalty.
  

  Antonym:
  advantage, reward
  

  source: wordnet30
• (games) a handicap or disadvantage that is imposed on a competitor (or a team) for an infraction of the rules of the game(noun.attribute)

  source: wordnet30
• Penal retribution; punishment for crime or offense; the suffering in person or property which is annexed by law or judicial decision to the commission of a crime, offense, or trespass.(noun)

  source: webster1913