Retribution – within the sphere of Contract Law, this term details a monetary compensation for the right party, after a wrongful act or fraudulent lack of act has been done by the opposite contracted party. The role of the penalty is to compensate the party so the wrongful behavior by the other party as if has never occurred. The most common types of penalties in practice are penalty for late performance and penalty for total non-performance. In contracts, penalties are implemented in specific clauses, called “penalty clauses”. Synonyms of “retribution” are “compensation” and “penalty”.
*Note it is advisable to consult with a lawyer for preparation of contracts, in order to get your interests protected better. Lawyers are educated in Law; on the base of their own knowledge and experience they should be able to advise you what penalty clauses to include in contracts which you wish to sign.