forfeit

/'fɔ:fit/
Adjective
  1. surrendered as a penalty
Noun
  1. the act of losing or surrendering something as a penalty for a mistake or fault or failure to perform etc.
  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
  3. something that is lost or surrendered as a penalty;
Verb
  1. 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
    • forfeited property

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forfeit
He had to forfeit his prize because he broke the rules.