underbid un‧der‧bid [ˌʌndəˈbɪd ǁ -ər-] verb underbid PTandPP underbidding PRESPART [transitive] COMMERCE
to offer a lower price for something than someone else, for example in an auction (= when the buyer offering the highest price obtains the thing being sold):
• We applied for the tender but were underbid by another company.
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underbid UK US /ˌʌndəˈbɪd/ verb [T] (underbidding, underbid, underbid) COMMERCE
► to offer to do work or provide a service for a lower price than someone else: »
They stopped bidding for airport contracts because they were routinely underbid by cheaper providers.
Financial and business terms. 2012.