Definition, Meaning & Synonyms

forfeit-a-deposit

noun

/ˈfɔːrfɪt ə dɪˈpɒzɪt/

Definition

The act of losing or giving up a deposit, typically as a penalty for failing to fulfill a contractual obligation.

Examples

If you cancel your reservation after the cutoff date, you may forfeit your deposit.
The landlord kept the forfeit-a-deposit because the tenant failed to pay rent on time.

Meaning

Forfeiting a deposit usually happens when a person or group does not follow through on an agreement, such as not showing up for a booked service or cancelling at the last minute.