Ti50Pd50−xCrx is a high-temperature shape-memory alloy with a martensitic transformation temperature strongly dependent on the Cr composition. Prior to the transformation, a premartensitic phase is present with an incommensurate modulated cubic lattice with wave vector of q0=(0.22,0.22,0). The temperature dependence of the diffuse scattering in the cubic phase is measured as a function temperature for x=6.5, 8.5, and 10 at. %. The lattice dynamics has been studied and reveals anomalous temperature andq dependences of the [110]-TA2 transverse phonon branch. The phonon linewidth is broad over the entire Brillouin zone and increases with decreasing temperature, contrary to the behavior expected for anharmonicity. No anomaly is observed at q0. The results are compared with first principles calculation of the phonon structure.