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The phrase "a reduced bid" is correct and usable in written English.
It can be used when referring to a bid that has been lowered or decreased, often in the context of auctions, contracts, or proposals.
Example: "After reviewing the project costs, we decided to submit a reduced bid to remain competitive."
Alternatives: "a lowered bid" or "a discounted bid".
Exact(2)
When WorldCom, a super-acquisitive telephone company from Jackson, Mississippi, launched its offer nearly a month ago, the bid was worth $30 billion, comfortably topping a reduced bid from Britain's BT which stood at $18.7 billion.
It is a sign of Sharp's perilous financial condition that they approved such a reduced bid, and clearly Sharp's lending group wanted to finalize a deal before the end of the Japanese corporate fiscal year on March 31st.
Similar(58)
Concomitantly, we found that pepstatin A strongly reduced Bid processing in both PEL cell lines.
A management decision to reduce bid price.
While not defeated – prices will be reduced in a bid to boost sales – its footwear nemesis is showing signs of weakness.
(4)Increasing or reducing a stabilizing bid.
If, in reducing a stabilizing bid pursuant to this paragraph (f)(6), the bid would be at or below the midpoint between two trading differentials, such stabilizing bid shall be adjusted downward to the lower differential.
In a bid to reduce counterfeiting, a hologram, barcode and the name of the booker will be printed on the ticket.
A stabilizing bid may be reduced, or carried over into another market at a reduced price, irrespective of changes in the independent bids or transaction prices for the security.
The same year, the court of appeal rejected a conviction challenge bid, but reduced his sentence to 17 years.
Liveris has steered Dow from being primarily a commodity chemical company toward a more specialty chemical maker, a bid to reduce earnings cyclicality and improve profit margins.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com