noun
a gesture of respect or acknowledgment made by bending the body forward
verb
to withdraw or resign from a situation or activity gracefully
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After much consideration, he decided to bow out of the competition.
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She's going to bow out of the project because it's taking up too much of her time.
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I'm going to bow out of this party early, I'm not feeling it tonight.
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It's time for him to bow out gracefully and retire from the spotlight.