cancellation fee; early termination fee
A fee charged when canceling a contract, subscription, or service before its term ends. Common in contexts like mobile phone contracts, gym memberships, and rental agreements.
If you cancel your smartphone contract early, a cancellation fee will apply.
The gym's cancellation fee varies depending on the contract period.
キャンセル料 is a more general cancellation charge, often used for reservations or orders, while 解約金 is typically used for ongoing contracts.
Compound of 解約 (cancellation of a contract) and 金 (money, fee).