1) If I win this bet, the forfeit (means penalty of losing) for you would be to eat whatever I offer you
2) What is th forfeit if I loose? – means what do I have to do if I loose this challenge?
3) And the forfeit if you loose is that you have to dive into pool from 5 feel plank
4) You have to come with me to gym for 5 straight days, that’s the forfeit if you loose this challenge
5) The company loses its clients that is the forfeit they have to pay for undercutting their best employees.
Forfeit means the penalty someone has to pay/do if they loose something like a challenge etc