connection with the specifications, solicitation for, or award of a capital improvement contract may protest to the institution’s Vice Chancellor for Finance and Administration or other official designated by the Chancellor or Chief Executive Officer of the institution. The protest shall be submitted in writing within five (5) work days after the bid opening and identify the project by bid number or with sufficient detail to identify the project and the grounds upon which the protest is made. Since time is of the essence in award of all capital improvement contracts, protests and their resolution shall be resolved promptly.

The Institution’s Vice Chancellor for Finance and Administration or a designee shall have the authority to settle or resolve a protest of an aggrieved bidder or contractor, actual or prospective, concerning the specifications, solicitation, or award of a contract. If a protest is not resolved by mutual agreement, the Vice Chancellor for Finance and Administration or other designated official of the institution shall promptly issue a decision in writing stating the reasons for the action taken. A copy of the decision shall be furnished to the protestant and other interested parties. The decision shall be final and conclusive.