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Forfeiture

   Also found in: Dictionary/thesaurus, Legal, Acronyms, Encyclopedia, Wikipedia, Hutchinson 0.01 sec.
Forfeiture
The loss of an asset, or rights to an asset, as a result of defaulting on contractual obligations or conditions.

Notes:
The party who did not fulfill the required obligations must give up the asset, or cash flows from the asset, as a form of compensation for the resulting losses to the other party.

Forfeiture
The loss of rights to an asset outlined in a legal contract if a party fails to fulfill obligations of the contract.
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