"Low bid" In short, is to bid less than the Base bid price.

“低价中标”简言之，就是以低于标底的价格中标。

youdao

To win those contracts, Jarvis had to bid low, expand fast and hire sub-contractors extensively.

ECONOMIST: PFI

That means that if you bid low on a piece and nobody tops you, it's yours.

FORBES: Magazine Article

Policymakers have accused Beijing of keeping its currency artificially low in a bid to help China's exporters.

BBC: Barack Obama