noun
something demanded or given up as a penalty for neglect, misdeeds, or other failure to act as required by law, contract, or rules.
The deposit will be kept as a forfeit if the tenant does not abide by the rental contract.
They failed to comply with the rules and had to pay a forfeit.
transitive verb
to be made to surrender (something) as a penalty or fine.
After two serious offenses, she forfeited her driver’s license.