Response to derisory offer from bishop good in principle (3,4)
I believe the answer is:
big deal
'response to derisory offer' is the definition.
'bishop good in principle' is the wordplay.
'bishop' becomes 'b' (abbreviation used in chess).
'good' becomes 'g' (abbreviation).
'in' means one lot of letters goes inside another.
'principle' becomes 'ideal' (I've seen this before**).
'g' put within 'ideal' is 'igdeal'.
'b'+'igdeal'='BIG DEAL'
'from' is the link.
(Other definitions for big deal that I've seen before include "In slang, I'm not impressed - by large wood?" , "Anything of great importance or consequence" , "disparaging reply" , "sarcastic response" , "doesn't impress me at all" .)