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We found 4 dictionaries that define the word limit bid:

General (3 matching dictionaries)
  1. limit bid: Merriam-Webster
  2. limit bid: Oxford Learner's Dictionaries
  3. limit bid: Wiktionary

Sports (1 matching dictionary)
  1. Limit(ed) bid: Fifthchair Bridge

Definitions from Wiktionary (limit bid)

noun:  An offer to buy in an auction for any value up to a specified maximum.
noun:  (bridge) A bid that describes the bidders hand fairly precisely (indicating a small range of high card points and some indication of shape.)

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