Cryptic crossword clue
Kid gets shy about penalty for lateness 9

The most common and most likely answer to this crossword clue is the 9 letter word DEMURRAGE

I've seen this crossword clue in The Times
D
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Buddy explains!

The straight part
We know that "penalty for lateness" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case penalty for lateness = demurrage.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does DEMURRAGE mean?

DEMURRAGE noun
  1. (shipping) the detention of a ship or other freight vehicle, during delayed loading or unloading
  2. Compensation paid for such detention
  3. A charge made for exchanging currency for bullion

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