Definition: Interests and penalties in IT refer to the additional charges or deductions applied to a user or a system for non-compliance with the terms and conditions or for late payments. These are often used in software licensing, cloud services, and online subscriptions. Source: Techopedia Source reference: https://www.techopedia.com/definition/2383/software-license Additional information: In the context of IT, interests and penalties are often financial in nature and are designed to enforce compliance with the terms and conditions of a service. For instance, a software license may stipulate that late payment of the license fee will result in a penalty. Similarly, a cloud service provider may charge interest on late payments. These penalties and interests are often calculated as a percentage of the amount due and are added to the total amount payable. They serve as a deterrent to late payment and non-compliance, and as a means for the service provider to recoup some of the costs associated with managing and chasing late payments. Example: 1. A company using a SaaS product fails to pay the subscription fee by the due date. The service provider charges a late fee as a penalty. 2. A user exceeds their allocated storage limit on a cloud service. The service provider charges an additional fee (interest) for the extra storage used. LOST view: OV-Digital Public Services Catalogue Identifier: http://data.europa.eu/dr8/egovera/InterestsAndPenaltiesBusinessService EIRA traceability: eira:DigitalPublicBusinessService ABB name: egovera:InterestsAndPenaltiesBusinessService EIRA concept: eira:ArchitectureBuildingBlock Last modification: 2023-07-27 dct:identifier: http://data.europa.eu/dr8/egovera/InterestsAndPenaltiesBusinessService dct:title: Interests and penalties Digital Public Service