cede
To give up power, control, or land to someone else.
To cede means to give up power, territory, or rights, usually because you have to rather than because you want to. When a country cedes land after losing a war, it officially hands that territory over to the winner. After the Mexican-American War in 1848, Mexico ceded a huge portion of its northern territory to the United States, including what became California, Nevada, Utah, and other areas.
When you cede control of something, you're letting someone else take charge. A team captain might cede leadership to another player during a game if that person has better skills for the moment. A company might cede market share to its competitors if it can't keep up.
Notice that ceding involves some formality or significance. You wouldn't say you ceded your turn in a board game (you'd just say you passed or skipped it). But if a president cedes authority to Congress on an important decision, or if you cede your spot as class representative to someone you believe would do a better job, that's when the word fits. The word suggests something meaningful is being transferred or surrendered.