Colo. Rev. Stat. § 24-109-503
If the procurement official determines that the solicitation or award is in violation of this code, the procurement official may cancel or terminate such solicitation or award, direct the governmental body to modify such solicitation or award to eliminate the violations, or if the procurement official determines that the solicitation or award is in the best interests of the state, the procurement official may submit the recommendation to ratify the solicitation or award to the executive director or the chief procurement officer or a designee of either officer. If the executive director or chief procurement officer or a designee of either officer elects to ratify the solicitation or award, the aggrieved party who should have been awarded the contract under the solicitation, but was not, shall be entitled to costs as set forth in section 24-109-505. The acceptance of costs by the aggrieved party constitutes a waiver of the right to appeal the determination of the executive director or the chief procurement officer or a designee of either officer.
C.R.S. § 24-109-503