A. After the completion of the review and evaluation of the Third File, the Supervisory Committee shall make one of the following decisions:
1. The Supervisory Committee agrees to move to the procurement phase if it found that the project deserves further study for the purpose of Privatization, and that the Third 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 Third 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 Third File for further review.
3. The Supervisory Committee shall reject the Third 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 Third File, and that modification has not been possible at the discretion of the Supervisory Committee.
B. In case of approval, decisions related to the Second File shall be submitted to CEDA for review and approval; unless CEDA authorizes the concerned Supervisory Committee to take such approval.