To bid less than, as when a contract or service is offered to the lowest bidder; to offer to contract, sell, or do for a lower price than.

bid whereby the bidder has understated the value of his cards, by an error or by taking a "pessimistic view", or because the only other choice is an overbid (which may indicate a flaw in the bidding system in use).

(1) bid less than one's cards warrant;(2) bid less than can be made.