Definition: the act of losing or surrendering something as a penalty for a mistake or fault or failure to perform etc.
Definition: a penalty for a fault or mistake that involves losing or giving up something
Usage: the contract specified forfeits if the work was not completed on time
Definition: something that is lost or surrendered as a penalty;
Definition: lose (s.th.) or lose the right to (s.th.) by some error, offense, or crime
Usage: you've forfeited your right to name your successor; forfeited property
Definition: surrendered as a penalty