A time to invite bid (7)
I believe the answer is:
attempt
'bid' is the definition.
(thesaurus)
'a time to invite' is the wordplay.
'time' becomes 't'.
'to invite' becomes 'tempt' (tempting is a kind of inviting).
'a'+'t'+'tempt'='ATTEMPT'
(Other definitions for attempt that I've seen before include "Tackle" , "Endeavor, try" , "Stab" , "Undertake" , "bid to kill someone" .)