What is the meaning of the word "forfeit"?

Definitions:

  1. a penalty for a fault or mistake that involves losing or giving up something copy to clipboard noun
    • the contract specified forfeits if the work was not completed on time copy to clipboard
  2. lose (s.th.) or lose the right to (s.th.) by some error, offense, or crime copy to clipboard verb
    • you've forfeited your right to name your successor copy to clipboard

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