A. After the completion of the review and evaluation of the First File, the Supervisory Committee shall make one of the following decisions:
1. The Supervisory Committee agrees to move to the Second File phase if it found that the project deserves further study for the purpose of Privatization, and that the First File has been completed in accordance with all the requirements contained in the Rules and this Manual. In its decision, the Supervisory Committee shall determine any additional terms or provisions relating to such approval.
2. If the project is deemed to require further review or the First File needs amendments or contains errors or omissions in the process or documents related to it, the Supervisory Committee shall identify such amendments or errors and direct the Work Teams to amend them, and resubmit the First File for further review.
3. The Supervisory Committee shall reject the First File if it found that the project or any proposed alternatives do not represent a good use of public resources or contains errors or omissions in the process or documents in relation to the First File, and that modification has not been possible at the discretion of the Supervisory Committee.
B. Decisions related to the First File shall not be submitted to CEDA.