Hands over formally (5)
I believe the answer is:
cedes
'hands over formally' 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" , "Yields, hands over" , "Surrenders or yields" , "Gives in, relinquishing" , "Surrenders or relinquishes" .)