forfeit
1. [ verb ] lose or lose the right to by some error, offense, or crime
Synonyms: give_up waive render forgo throw_overboard
Related terms: claim abandon lapse release
2. [ adjective ] surrendered as a penalty
Synonyms: forfeited confiscate
Related terms: lost
3. [ noun ] (business) a penalty for a fault or mistake that involves losing or giving up something
Synonyms: forfeiture
Examples:

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

Related terms: penalty
4. [ noun ] something that is lost or surrendered as a penalty;
Synonyms: forfeiture
Related terms: loss
5. [ noun ] the act of losing or surrendering something as a penalty for a mistake or fault or failure to perform etc.
Synonyms: sacrifice forfeiture
Related terms: act sacrifice
Similar spelling:   forfeited
  forfeiture