forfeit

Sense 1 noun

something that is lost or surrendered as a penalty;

Sense 2 verb

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

Sense 3 adjective

surrendered as a penalty

Sense 4 noun

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

Sense 5 noun

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