🖱️ Forfeiture Contract
A forfeiture contract is a contract in which one party agrees to forfeit something of value if the other party fails to perform according to the terms of the contract. Forfeiture contracts are commonly used in business deals, such as leases, loans, and purchase agreements. In the event that the breaching party fails to perform, the forfeiture contract allows the non-breaching party to keep the property or money that was put up as collateral.
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