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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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
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