forfeit

US /ˈfɔːr.fɪt/
UK /ˈfɔːr.fɪt/
"forfeit" picture
1.

lose or be deprived of (property or a right or privilege) as a penalty for wrongdoing

:
He had to forfeit his deposit because he canceled the booking late.
The team had to forfeit the game due to too many penalties.
1.

a penalty for wrongdoing, especially in a legal contract

:
The contract stipulated a forfeit if the terms were not met.
They paid a heavy forfeit for their mistake.