Forfeiture
A loss of property, privilege, money or an asset, because of default on contractual obligations. As a compensation for resulting losses due to defaulting on a contract, user of the goods must give up the rights to it.
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A loss of property, privilege, money or an asset, because of default on contractual obligations. As a compensation for resulting losses due to defaulting on a contract, user of the goods must give up the rights to it.
| Related Terms: |