President Not to Be Restricted When Privatizing State Properties

The president will no longer restricted in estimating the payment deadline for the purchaser of a state estate through direct procurement. The relevant amendments were introduced to the Law about State Property on March 2.

According to the previous edition, the president fixed the privatization price for the state estate, though the law also contains a provision which states that the term shall not exceed 12 months.

If it is necessary to avoid possible damage of the state or local self-governmental entity, to avoid/finish court or arbitrage proceeding, the term for the price payment estimated by the President of Georgia shall not exceed 5 years.

According to the today’s amendments, only the president will have authority to estimate the term for the payment of the property price, which is sold through direct procurement; relatively, the president will not be restricted in estimating the deadline.