to reserve / to retain
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to be reserved for
To be intended or reserved exclusively for a certain person or group. It is almost always used in the passive.
Die Nutzung dieses Eingangs ist nur dem Personal vorbehalten.
Use of this entrance is reserved for staff only.
'Vorbehalten' (to reserve/retain) is a separable verb. The prefix 'vor-' comes at the end in a main clause. In subordinate clauses and in the infinitive, the verb stays together.
Ich behalte mir eine Entscheidung vor.
I reserve the decision for myself.
The verb 'vorbehalten' (to reserve/retain) belongs to formal language. You often find it in contracts, official announcements, or business communication.
Der Veranstalter behält sich Programmänderungen vor.
The organizer reserves the right to make program changes.
In this meaning, the structure 'jemandem vorbehalten sein' (to be reserved for someone) is used. The person or group for whom something is reserved is always in the dative.
Diese Parkplätze sind den Mitarbeitern der Firma vorbehalten.
These parking spaces are reserved for the company's employees.
This meaning is formed with a reflexive structure: 'sich (Dativ) etwas (Akkusativ) vorbehalten' (to reserve something for oneself). You reserve the right to something for yourself.
Ich behalte mir das Recht vor, rechtliche Schritte einzuleiten.
I reserve the right to take legal action.
to give up / to do without
'verzichten' and 'sich etwas vorbehalten' are often opposites when talking about rights or possibilities. If you 'auf etwas verzichten', you voluntarily give it up and do not want to use it. If you 'sich etwas vorbehalten', you specifically do not give it up, but keep the option open for later. 'Sich etwas vorbehalten' sounds more formal and is especially used for decisions, rights, or further steps. The simple contrast is: 'verzichten' means to give up; 'sich vorbehalten' means to keep for later.
Wir behalten uns vor, den Termin morgen noch zu ändern.
We reserve the right to change the appointment tomorrow.
Ich verzichte auf eine Rückzahlung, weil der Betrag sehr klein ist.
I am giving up the refund because the amount is very small.