Source : Webster's Revised Unabridged Dictionary (1913)

Forfeiture \For"fei*ture\ (?; 135), n. [F. forfeiture, LL.
   forisfactura.]
   1. The act of forfeiting; the loss of some right, privilege,
      estate, honor, office, or effects, by an offense, crime,
      breach of condition, or other act.

            Under pain of foreiture of the said goods.
                                                  --Hakluyt.

   2. That which is forfeited; a penalty; a fine or mulct.

            What should I gain By the exaction of the
            forfeiture?                           --Shak.

   Syn: Fine; mulct; amercement; penalty.

Source : WordNet®

forfeiture
     n 1: something that is lost or surrendered as a penalty; [syn: {forfeit}]
     2: 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" [syn: {forfeit}]
     3: the act of losing or surrendering something as a penalty for
        a mistake or fault or failure to perform etc. [syn: {forfeit},
         {sacrifice}]