Proposition said to be no honour! (5)

I believe the answer is:

offer

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'proposition' is the definition.
(I've seen this in another clue)

I don't understand the remainder of the clue.

(Other definitions for offer that I've seen before include "Submit" , "Present to or make a bid" , "Proposal; reduced price" , "Present for acceptance or rejection" , "Tender, make bid for" .)

I've seen this clue in the Evening Standard.

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