Meaning of the word forfeiture in English

What does forfeiture mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

forfeiture

US /ˈfɔːr.fə.tʃɚ/
UK /ˈfɔː.fɪ.tʃər/

Noun

the loss or giving up of something as a penalty for wrongdoing or a breach of contract

Example:
The contract stipulated the forfeiture of the deposit if the terms were not met.
The criminal faced the forfeiture of his assets.