Yes, and like all exceptions, it's too broad. There cannot be exclusions at all. There has to be a proof of harm if disclosure happens, and also a public interest override, with the commissioner able to examine all documents.
In the whole area of contracts, the area of commercial information, often much more information is protected than needs to be. All that needs to be protected is proprietary information that is very much the basis of a corporation's operations. Anything more than that—protecting contractees and subcontractees—is excessive government secrecy.