forfeit
US /ˈfɔːr.fɪt/
UK /ˈfɔːr.fɪt/

1.
lose or be deprived of (property or a right or privilege) as a penalty for wrongdoing
:
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He had to forfeit his deposit because he canceled the booking late.
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The team had to forfeit the game due to too many penalties.
1.
a penalty for wrongdoing, especially in a legal contract
:
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The contract stipulated a forfeit if the terms were not met.
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They paid a heavy forfeit for their mistake.