renegere·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.