forfeit

the act of losing or surrendering something as a penalty for a mistake or fault or failure to perform etc.

surrendered as a penalty

something that is lost or surrendered as a penalty

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”

lose (s.th.) or lose the right to (s.th.) by some error, offense, or crime

“you've forfeited your right to name your successor”