'Underbid' definitions:

Definition of 'underbid'

From: WordNet
verb
Bid (a hand of cards) at less than the strength of the hand warrants
verb
Bid lower than a competing bidder [ant: outbid]
verb
Bid too low [ant: overbid]

Definition of 'Underbid'

From: GCIDE
  • Underbid \Un`der*bid"\, v. t. 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. [1913 Webster]