Definitions

1. verb

to bid a higher amount than another person or party for something, such as a contract or an item up for auction

“The company outbid its rival to secure the contract.”

2. noun

the act of bidding a higher amount than another person or party for something, such as a contract or an item up for auction

“The outbid led to the sale of the item for a much higher price than initially expected.”

3. noun

the amount by which the winning bid exceeds the next highest bid

“The outbid was substantial, and the seller was pleased with the final sale price.”