|1.||[ noun ] (business) 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"
|Related terms:||penalty forfeit|
|2.||[ noun ] something that is lost or surrendered as a penalty;|
|Related terms:||loss forfeit|
|3.||[ noun ] the act of losing or surrendering something as a penalty for a mistake or fault or failure to perform etc.|
|Related terms:||act sacrifice|