Finance Minister Colm Imbert says he has instructed Caribbean Airlines to get the best legal advice in the world to review the contract to acquire 12 Boeing Max 8 aircraft.
The minister, who is also Corporation Sole of Caribbean Airlines, says Caribbean Airlines must consider its options, in case the make of the aircraft is deemed to be faulty.
Two crashes involving Boeing Max 8s in the last six months have led to Boeing recommending the grounding of all Max 8 and Max 9 aircraft while several nations have suspended the aircraft from their airspaces.
Some passengers are concerned that American Airlines continue to operate the Boeing 737 max 8 aircraft, despite concerns about its safety.
The UK, Singapore, the EU and other countries have either grounded the aircraft or restricted it from its airspace following the tragic crash of an Ethiopian Airlines flight last week.
It is the second fatal crash involving the popular model in the last six months.
The UK's Civil Aviation Authority (CAA) has banned the Boeing 737 MAX from operating in or over UK airspace "as a precautionary measure".
The decision comes after an Ethiopian Airlines plane crashed on Sunday, killing 157 people on board. It was the second fatal accident involving the 737 Max 8 model in less than five months.
Countries including China, France and Germany have also grounded the jets.
However, US officials say the aircraft are still safe to fly.