verb (used with object), underbid, underbidding.
to bid less than (another bid) or less than the bid of (another bidder), especially in seeking a contract to be awarded to the lowest bid or bidder; make an offer at a lower price than.
Cards. to bid less than the value or worth of (a contract or hand).
verb (used without object), underbid, underbidding.
to bid lower than another or too low for the value of something.

1585–95; under- + bid

underbidder, noun
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Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
underbid (ˌʌndəˈbɪd)
vb , -bids, -bidding, -bid
1.  to submit a bid lower than that of (others): Irena underbid the other dealers
2.  to submit an excessively low bid for
3.  bridge to make a bid that will win fewer tricks than is justified by the strength of the hand: he underbid his hand

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Example sentences
Those who do their best to provide quality work are underbid by shoddy
  workmanship and low quality materials constantly.
His price is not what he can get, but the lowest he can live for and underbid
  his neighbor.
As workers compete for scarce jobs and firms underbid each other for sales,
  wages and prices will come under pressure.
Their reluctance to hire helpers meant that their overhead was low and they
  could underbid many other contractors.
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