The phrase "renounce claim" is correct and usable in written English.
You can use it when you want to indicate that you have chosen to give up or relinquish an entitlement or right. For example: "After a long deliberation, she decided to renounce her claim to the inheritance."
When panicky investors sell stocks or liquidate their bank deposits, they renounce claims on real assets factories, office buildings, homes for pieces of paper with no intrinsic worth.
In 1999, as a provision of the Good Friday Agreement aimed at ending the conflict in Northern Ireland, the Republic of Ireland amended Articles 2 and 3 of its constitution to renounce claims to Ulster [6].
In return for his support, Gregory made Rudolf promise to lead a new crusade and to renounce claims on behalf of the Holy Roman Empire in Rome and the papal territories.
Still, the 1381 Treaty of Turin that ended the war required Venice to renounce claims to Dalmatia, after losing the territory to Hungary in 1358.
The descendents of Andriamasinavalona's wives who renounced claim to the throne were ennobled by him as the royal Andriamasinavalona class.
He has quietly renounced claims to the bit of Anatolia, in the Turkish heartland, that he wistfully calls "northern Kurdistan".
Maximilian even attacked Hungary, but, in the Treaty of Pressburg (1491), he renounced claims to that country, though reserving his family's succession rights.
During arbitration, Mr. Burstein said, Fox News offered to pay her a sum "in the seven figures" if she renounced claims against Mr. Ailes and others at the network, including the host Bill O'Reilly.
After World War Two, Japan renounced claims to a number of territories and islands including Taiwan in the 1951 Treaty of San Francisco.
Germany remained divided until 1990, when the Allies renounced all claims to German territory with the Treaty on the Final Settlement with Respect to Germany, under which Germany also renounced claims to territories lost during World War II.
