Definitions

1. verb

to bid or offer a higher price than necessary, especially at an auction

“The company overbid on the project, resulting in significant financial losses.”

2. noun

an offer or bid that is higher than necessary

“The overbid on the property was so high that it priced out all the potential buyers.”

3. noun

the act of bidding or offering a higher price than necessary

“The overbid on the contract was a major factor in the company’s financial struggles.”