Definition of "Forfeit" :

noun: the act of losing or surrendering something as a penalty for a mistake or fault or failure to perform etc.

noun: a penalty for a fault or mistake that involves losing or giving up something

"The contract specified forfeits if the work was not completed on time."

noun: something that is lost or surrendered as a penalty

verb: lose (s.th.) or lose the right to (s.th.) by some error, offense, or crime

"You've forfeited your right to name your successor."

adjective: surrendered as a penalty