of November 4, 2003 No. ZR-15
About the public biddings
Accepted by National Assembly of the Republic of Armenia on October 8, 2003
1. This Law governs the relations connected with realization of property, property rights, results of cerebration and the rights to them through public auctions and also with the organization of the public tenders except for provided by the law of cases. This Law extends to the biddings and compulsory auctions organized by means of electronic systems, except for the functions performed by the Central bank.
This Law does not govern the relations connected with the organization of closed tendering.
2. This Law does not extend to the relations connected with the organization of the biddings during privatization of state-owned property and also with the procurements conducted for the needs of the state and municipalities except for provided by the law of cases.
3. Features of the public biddings organized in connection with insolvency (bankruptcy) of legal entities and individual entrepreneurs are established by the law.
4. This Law does not extend to the relations connected with public sale of foreign currency. Public sale of foreign currency is performed according to the procedure, established by the Central bank of the Republic of Armenia.
5. This Law does not extend to the organization of the public biddings through stock and commodity exchanges, and also to the relations connected with public security sale, except as specified the organizations of compulsory auctions.
The basic concepts used in this Law make the following sense:
the public biddings or the biddings - process of the conclusion of agreements by the organization of auction (tender) in which the uncertain group of people can participate, answering to the conditions provided by this Law;
auction - form of the biddings in case of which the participant who offered top price is recognized won;
tender - form of the biddings in case of which the participant who according to the conclusion of the contest committee offered the best terms is recognized won;
the initiator of the public biddings or the initiator - the owner of property or the owner of property rights who is directly not organizing carrying out the public biddings;
the organizer of the public biddings or the organizer - the owner of property, the owner of property rights holding auction (tender), and also person or body allocated under the agreement or the law with powers on the organization of the public biddings;
regulations of auction (tender) - the document established by the organizer of the public biddings in which the provisions which are subject to determination by the organizer according to this Law are provided;
participants of the public biddings or participants - the persons who made deposit in the procedure established by this Law and wished to sign the relevant agreement by means of the public biddings;
conditions of auction (tender) - complex of essential terms of the contract, concluded according to the law between the initiator and (or) the organizer of auction (tender) at the provided biddings;
lot - the property sold at auction or offered on tender or the right which has the corresponding description, other data provided by this Law, and in case of auction - also starting price.
The work which is subject to accomplishment or the service which is subject to rendering can be lot;
the auctioneer - person who is directly holding auction;
the starting price - the price provided for sale of lot which is offered at the beginning of the auction to participants of auction;
submission of the price request - the offer the participant in the course of the auction of the price which size cannot be less than the size of the minimum increase, the predefined organizer of the biddings if this Law does not establish other;
purchase price - the last highest price request submitted by the participant declared as the winner at auction;
the website about the real estate which is instrument for ensuring of the credits (mortgage subject) and subject to realization - the website containing the complete information about the real estate which is instrument for ensuring of the credits (mortgage subject) and subject to realization, established by the decision of council of the Central bank;
paragraph of ceased to be valid
1. Physical persons and legal entities, and also municipalities can be bidders.
2. The organizer of the biddings, founders (participants) of the organizer who are considered as the legal entity, employees of the organizer, and in case of tenders - as well members of the contest committee cannot participate in the biddings.
Children, parents, the spouse, the grandmother, the grandfather, brothers and the auctioneer's sisters, and also parents, the grandfather, the grandmother, brothers and sisters of the spouse of the auctioneer cannot participate in the biddings.
3. Persons who cannot have the property rights to lot sold by means of the biddings cannot be bidders.
1. If lot sold by means of the biddings is real or personal estate, the right to which is subject to state registration, then from the moment of signing of the protocol with the winner in the biddings passes right to contract of purchase and sale of the corresponding lot to it.
2. If lot is the right, including the offer to work or rendering services, and also right to use, then from the moment of signing of the protocol with the winner in the biddings passes the right of the conclusion of the relevant agreement to it.
3. In case of the conclusion of agreements in the cases provided by parts 1 and 2 of this Article, essential conditions of agreements shall correspond to the conditions established by the public notification on the biddings.
4. Payments are made during trading in dramas of the Republic of Armenia.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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