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LAW OF THE REPUBLIC OF UZBEKISTAN

of August 19, 1999 No. 811-I

About estimative activities

(as amended on 13-06-2017)
Article 1. Purpose of this Law

This Law governs the relations connected with implementation of estimative activities.

Article 2. Legislation on estimative activities

The legislation on estimative activities consists of this Law and other acts of the legislation.

If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about estimative activities then are applied rules of the international treaty.

Article 3. Concept of estimative activities

Estimative activities are the activities of the estimative organization directed to cost determination of object of assessment.

Article 4. Licensing of estimative activities

Estimative activities are performed based on licenses.

The procedure for licensing of estimative activities is established by the Cabinet of Ministers of the Republic of Uzbekistan.

The body performing licensing of estimative activities (further - the licensing body), carries out control of observance by the estimative organization of the licensed requirements and conditions established by the legislation.

Article 4-1. Estimative organization

The estimative organization - the legal entity having the license for the right of implementation of estimative activities.

The estimative organization in the activities is independent. Intervention of the consumer of services (further - the customer) or other interested persons in activities of the estimative organization is not allowed.

The estimative organization can be created and perform the activities in any form of business, stipulated by the legislation, except for joint-stock company. At the same time the following compulsory provisions shall be complied:

the head of the estimative organization shall be appraiser;

the number of staff of the estimative organization shall conform to the requirements to the minimum number of regular appraisers established by the legislation with the corresponding qualification;

availability of authorized fund at the estimative organization in the amount of, stipulated by the legislation;

availability at the estimative organization of the insurance policy confirming entry into force of obligations of the insurer according to the insurance contract of the civil responsibility of the estimative organization.

The appraiser (appraisers) can be the founder (participant) only of one estimative organization.

Creation of the estimative organization, and also implementation of estimative activities by state governing bodies are prohibited if other is not established by the legislation.

Article 4-2. Appraiser

The appraiser - the physical person having the qualification certificate of the appraiser issued by the licensing body in accordance with the established procedure.

The appraiser can be involved by the estimative organization in carrying out estimative works if he is on the staff of the estimative organization or in case of the conclusion with it the estimative organization of the agreement of civil nature.

The appraiser can participate as the specialist in the performed by the controlling or law enforcement agencies and other actions only based on the agreement signed between the estimative organization and these bodies.

Article 4-3. Assistant estimator

The assistant estimator - the physical person which does not have the qualification certificate of the appraiser and carrying out the orders of the appraiser connected with evaluating object of assessment without right to sign of the valuation report of object of assessment (further - the valuation report) and other official document connected with evaluating.

Working conditions of the assistant estimator are determined by the employment contract (contract) signed with the estimative organization according to the procedure, established by the legislation.

Operating time as the assistant estimator joins in the length of service necessary for receipt of the qualification certificate of the appraiser.

Article 5. Assessment objects

Treat objects of assessment:

separate material objects (things);

set of the things constituting property of person, including property of certain type (movable or immovable);

the property right and other corporeal rights to property or separate things from structure of property;

rights to claim, obligations (are long);

works, services, information;

intellectual property items and other objects of the civil laws concerning which the legislation establishes possibility of their stay in civil circulation.

Article 6. Assessment object cost types

Depending on assessment purposes concerning object of assessment cost is established market or excellent from market.

The scope and distinctive features of cost types of object of assessment are determined by standards of assessment.

Assessment of object of assessment is performed in cash.

Article 7. Market value of object of assessment

Market value of object of assessment is understood as the most probable price at which this object of assessment can be aloof in the public market in the conditions of the competition when the parties of the transaction are effective in the interests reasonably and without coercion, having all necessary information, and any force majeure do not affect the size of transaction price, including obligation for one of the parties to enter this transaction.

If in the regulation containing the requirement of obligatory evaluating any object of assessment or in the agreement on assessment object assessment (further - the agreement) the specific cost type is not determined, market value of this object is subject to establishment. The specified rule is subject to application and in case of use in the regulation not provided by this Law or standards of assessment of the terms determining assessment object cost type.

Article 8. Excellent from market assessment project cost

Under other than market value of object of assessment the most probable price at which this object of assessment is estimated on the conditions other than the stipulated in Article 7 these Laws is understood.

Article 9. Standards of assessment

Standards of assessment represent complex of the interconnected regulations and rules determining:

concepts and valuation principles;

the terms and determinations applied in estimative activities;

requirements to cost types;

requirements to initial information;

procedure for evaluating;

features of application of evaluation methods;

requirements to registration of results of assessment;

other requirements.

Development, approval, introduction of amendments and changes in standards of assessment are made according to the procedure, determined by the Cabinet of Ministers of the Republic of Uzbekistan.

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