cancellation fee (n)

When Sarah had to cancel her flight at the last minute, she was disappointed to learn that there was a significant cancellation fee.
The hotel had a strict cancellation policy, and guests were informed that a cancellation fee would be charged if they canceled their reservation less than 48 hours before the check-in date.
John hesitated to book concert tickets online because the website had a non-refundable cancellation fee, making him unsure about committing to the purchase.