What document must be prepared before proceeding with a competitive bid?

The preparation of a public advertisement or notice of the bid is essential before proceeding with a competitive bid. This document serves as an official announcement to potential bidders regarding the procurement opportunity, outlining essential details such as the nature of the goods or services required, how to obtain the bid documents, and the submission deadline. By providing this information, the advertisement ensures that all interested parties are aware of the opportunity and can participate in the competitive bidding process, which aligns with principles of transparency and fairness in public procurement.

The other options, while they may have their own importance within the procurement process, do not serve the purpose of officially notifying potential bidders. A detailed project report might be necessary for internal planning and assessment but does not constitute a formal invitation to bid. A summary contract agreement is typically prepared after bids have been submitted and evaluated, outlining the terms and conditions of the selected bid. Lastly, a vendor performance evaluation is performed after the completion of a project to assess the contractor's performance, which is unrelated to the initial bid process.