The loss or deprival of an *asset or legal right. Forfeiture can be a punishment for wrongdoing, or it can arise from the nonoccurrence of an event in a commercial contract. An example of the latter is the loss of a deposit required for the submission of bids to win a contract, when the deposit is refundable only to the winner of the contract.

Auditor's dictionary. 2014.


Look at other dictionaries:

  • forfeiture — for·fei·ture / fȯr fə ˌchu̇r/ n 1: the loss of a right, money, or esp. property because of one s criminal act, default, or failure or neglect to perform a duty compare waiver 2: something (as money or property) that is forfeited as a penalty… …   Law dictionary

  • 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. [1913 Webster] Under pain of… …   The Collaborative International Dictionary of English

  • forfeiture — mid 14c., from O.Fr. forfaiture crime, transgression; penalty for committing a crime, from forfait (see FORFEIT (Cf. forfeit)) …   Etymology dictionary

  • forfeiture — [fôr′fə chər] n. 1. the act of forfeiting 2. anything forfeited; penalty or fine …   English World dictionary

  • forfeiture — The loss of rights to an asset outlined in a legal contract if a party fails to fulfill obligations of the contract. Bloomberg Financial Dictionary * * * forfeiture for‧fei‧ture [ˈfɔːftʆə ǁ ˈfɔːrftʆər] noun [uncountable] 1. LAW when someone… …   Financial and business terms

  • forfeiture — /forfatyar/ A comprehensive term which means a divestiture of specific property without compensation; it imposes a loss by the taking away of some preexisting valid right without compensation. L & K Realty Co. v. R.W. Farmer Const. Co., Mo.App.,… …   Black's law dictionary

  • forfeiture — UK [ˈfɔː(r)fɪtʃə(r)] / US [ˈfɔrfɪtʃər] noun [countable/uncountable] Word forms forfeiture : singular forfeiture plural forfeitures legal the loss of a right, a benefit, or something that you own because you have failed to do something or have… …   English dictionary

  • forfeiture — [[t]fɔ͟ː(r)fɪtʃə(r)[/t]] forfeitures N VAR: oft N of n Forfeiture is the action of forfeiting something. [LEGAL] ...the forfeiture of illegally obtained profits... Both face maximum forfeitures of about $1.2 million …   English dictionary

  • forfeiture — /fawr fi cheuhr/, n. 1. an act of forfeiting. 2. something that is forfeited; fine; mulct. [1300 50; ME forfeiture, forfeture < OF. See FORFEIT, URE] * * * …   Universalium

  • forfeiture — for|feit|ure [ˈfo:fıtʃə US ˈfo:rfıtʃər] n [U and C] formal when someone has their property or money officially taken away because they have broken a law or rule ▪ Refusal to sign meant forfeiture of property and exile …   Dictionary of contemporary English

  • forfeiture — for|fei|ture [ fɔrfıtʃər ] noun count or uncount LEGAL the loss of a right, a benefit, or something you own because you have failed to do something or have done something wrong: They risked forfeiture if they were late with the payment …   Usage of the words and phrases in modern English

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