Surpass the dismissed party (5)
I believe the answer is:
outdo
'surpass' is the definition.
(I know that surpass can be written as outdo)
'dismissed party' is the wordplay.
'dismissed' becomes 'out' (I've seen this before).
'party' becomes 'do' (do is a kind of party).
'out'+'do'='OUTDO'
'the' acts as a link.
(Other definitions for outdo that I've seen before include "Overcome" , "Eclipse" , "Perform better than surpass" , "Br superior to (someone)" , "Exceed" .)