The contract relates to a significant public construction project to deliver a building programme for technological universities across the state.
However, Sinn Féin spokesperson for Finance, Pearse Doherty TD, has said the government needs to urgently come to their senses following previous issues with BAM's national children's hospital project.
Teachta Doherty said: "The justification from the government that any change would delay this project is something we have heard before when Simon Harris gave a green light for the national children's hospital.
"Getting the contract and the contractor right is key to getting projects delivered on budget and on time.
"This is not only a matter of getting back into bed with BAM despite the ongoing disaster of the children's hospital, but the type of contract also being used is totally inappropriate.
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"Simon Harris, when Minister for Further and Higher Education, pushed ahead with the role out of highly controversial PPP contracts for higher education despite repeated warnings from Sinn Féin."
He continued: "These contracts, instead of paying a construction company to build, the state pays annually for the rights to use the building for 25 years until the cost is repaid.
"For those 25 years all services associated with the building were privatised and delivered by the construction company. The state can’t renegotiate, and the costs increase with inflation.
"These contracts are invariably more expensive than direct build. And the stakes are higher. If you negotiate a bad deal, then you are on the hook for 25 years."
Mr Doherty TD also expressed how the project has failed to meet the public sector benchmark, which is a basic test that assesses whether a project is cheaper to deliver with a PPP contract or direct build.
He explained: "The cost/benefit analysis used to justify PPP contracts is a flawed process that is skewed in favour of PPP contracts.
"Despite this in-build bias, the projects still failed. This should immediately rule out this project going ahead under this contract.
"On top of all this the contractor they have chosen is BAM. It is honestly hard to fathom how the government thinks it is ok to proceed."
The Sinn Féin spokesperson concluded by suggesting that the same plans should be used to retender the project for direct build by another construction company.
