Usually means: Offer made in response to bid.
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We found 6 dictionaries that define the word counterbid:

General (5 matching dictionaries)
  1. counterbid: Merriam-Webster
  2. counterbid: Collins English Dictionary
  3. counterbid: Wordnik
  4. counterbid: Wiktionary
  5. counterbid: TheFreeDictionary.com

Business (1 matching dictionary)
  1. counterbid: Legal dictionary

Definitions from Wiktionary (counterbid)

noun:  (business) A bid made in response to a previous bid by another party
verb:  To make a counterbid

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