(1) Any aggrieved party in connection with the solicitation or award of a contract may protest to the procurement official or his or her designee. The protest of an invitation for bids or a request for proposals shall be submitted in writing to the procurement official or his or her designee within ten business days after such aggrieved party knows or should have known of the facts giving rise thereto. The protest of a small purchase solicitation or award of contract shall be submitted in writing to the procurement official or his or her designee within three business days, unless the procurement official otherwise extends the time period to ten business days, after such aggrieved party knows or should have known of the facts giving rise thereto.

(2) The procurement official or his or her designee shall have the authority to settle and resolve a protest of an aggrieved party concerning the solicitation or award of a contract. A written decision regarding the protest shall be rendered within ten business days after the protest is filed. The decision shall be based on and limited to a review of the material issues raised by the aggrieved party and shall set forth each factor taken into account in reaching the decision. This authority shall be exercised pursuant to rules promulgated by the executive director to provide for the expeditious resolution of the protest. Remedies awarded pursuant to this decision, if any, shall be limited to those set forth in part 5 of this article 109.

(3) If the procurement official or his or her designee does not issue a written decision regarding a solicitation or award within the period specified in this article 109 or within such longer period as may be agreed upon by the procurement official and the aggrieved party, then the aggrieved party may proceed as if the procurement official or his or her designee had rendered an adverse decision.