The Collaborative International Dictionary of English v.0.48:

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 foreiture of the said goods.
                                                  --Hakluyt.
      [1913 Webster]

   2. That which is forfeited; a penalty; a fine or mulct.
      [1913 Webster]

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

   Syn: Fine; mulct; amercement; penalty.
        [1913 Webster]

WordNet (r) 3.0 (2006):

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