Definitions 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

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

• noun:   something that is lost or surrendered as a penalty;
• verb:   lose or lose the right to by some error, offense, or crime
• adjective:   surrendered as a penalty