Contract Review

The FOMB Contract Review Policy is established pursuant to Section 204(b)(2) of PROMESA to require prior FOMB approval of certain contracts to assure that they “promote market competition” and “are not inconsistent with the approved fiscal plan.” This Policy applies to any contract that is proposed to be entered into by the Commonwealth (which includes the Executive, Legislative and Judicial branches of government) or any covered instrumentality at the discretion of the Oversight Board. The policy was updated by the Oversight Board on October 30th, 2020, click here for the updated policy and click here for an overview of the changes.