Formally gives up (5)
I believe the answer is:
cedes
'formally gives up' is the definition.
(I've seen this in another clue)
This is all the clue.
(Other definitions for cedes that I've seen before include "Gives way" , "Hands over formally" , "Surrenders or relinquishes" , "Yields, hands over" , "Surrenders or yields" .)