forfeit

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

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”

Surrendered as a penalty.

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”

“forfeited property”