forfeiture

Vocabulary Word

Definition

'Forfeiture' goes beyond just losing - it's when something is taken away from you (like money or property), usually because of a rule violation or legal issue.

Examples in Different Contexts

In technology licensing, managing 'forfeiture' is important. An intellectual property lawyer might assert, 'Proper management of forfeiture provisions is key to maintain control over our technological assets and prevent unintended loss of rights.'

Practice Scenarios

Business

Scenario:

Our partner has not met the agreed-upon performance targets. The contract outlines the consequences of such a situation.

Response:

We may have no choice but to enact the forfeiture clause if they continue to underperform.

Tech

Scenario:

This client has been repeatedly warned about violating our IT policies. We must decide on appropriate responses.

Response:

It's unfortunate, but we can't ignore persistent policy breaches. A forced forfeiture of some services might be the best action.