Relinquishment (noun)

1. The act of giving up, renouncing, or surrendering a right, claim, or possession.
2. The act of relinquishing control, power, or authority over something.

Origin:

Late middle english (in the sense "relaxation, slackening"): from old french relachinement, from relachier "relax".

Examples:

1. The relinquishment of the throne by the king was met with widespread surprise.
2. She signed the papers, thereby completing the relinquishment of her rights as a parent.
3. The company was forced to make a relinquishment of its interests in the region.
4. The relinquishment of certain privileges is necessary for the smooth running of the organization.
5. The relinquishment of their control over the region was seen as a sign of weakness by the government.