From Longman Dictionary of Contemporary Englishrenegere‧nege /rɪˈniːɡ, rɪˈneɪɡ $ rɪˈnɪɡ, rɪˈniːɡ/ verb [intransitive] → renege on an agreement/deal/promise etc→ See Verb table
Examples from the Corpus
renege• The agency says it relied on a government commitment to provide liquidity, but the government reneged.• Lewis was perfectly correct, even politically correct, to insist that Bowe had reneged on a pledge to fight him first.• The House of Lords ruled that the mutual insurer was wrong to renege on guarantees offered to about 90,000 pension policyholders.• As a result, he wanted to renege on his binding letter of intent, which he signed.• At the same time, Landau persuaded the Boss to renege on statements that he never would play arenas or stadiums.• As the developer lurched toward bankruptcy, Prudential tried to renege on the deal.• An early government commitment to keep conscripts away from frontline fighting was swiftly reneged upon last year.From Longman Business Dictionaryrenegere‧nege /rɪˈniːg, rɪˈneɪgrɪˈnɪg, rɪˈniːg/ verb formal renege on an agreement/deal/contract etc to fail to do something you had promised or agreed to doSome clients reneged on their agreements to sell when the price climbed.The agency reneged on an out-of-court settlement to pay tradesmen for work on the hotel site.→ See Verb tableOrigin renege (1500-1600) Medieval Latin renegare; → RENEGADE 