Penalty Fare: A fare, which carries a penalty for any changes or cancellations once the ticket has been issued. Penalties can range from a dollar amount to a percentage of the ticket's value to the total loss of the value of the ticket.
Penalty fare - the amount the passenger has to pay in order to make a change to the travel arrangements or cancel the ticket once it has been issued
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 See also: Check-in, Carrier, City pair, Ticket, Standby
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