part with a possession or right
"I am relinquishing my bedroom to the long-term house guest"
"resign a claim to the throne"
do without or cease to hold or adhere to
"We are dispensing with formalities"
"relinquish the old ideas"
release, as from one's grip
"Let go of the door handle, please!"
"relinquish your grip on the rope--you won't fall"
To give up, abandon or retire from something. To trade away.