Investors Handbook. A Legal Guide to Business in Georgia
tional and irrevocable bank guarantee/down payment. The size of a bank guarantee/down pay-
ment is determined for each individual case by the body conducting privatization.
4. Auction results are annulled if:
a) The winner of auction fails to submit the document verifying the payment of fee within the
period specified in this law;
b) The winner of the auction refuses to sign the purchase agreement.
5. In cases foreseen in Paragraph 4 of this Article the amount of unconditional and irrevo-
cable bank guarantee/down payment deposited by the winner shall be fully transferred to the
relevant budget.
6. Besides the case mentioned in Paragraph 5 of this Article the amount of unconditional and
irrevocable bank guarantee/prepayment shall also be transferred to the relevant budget if the
participant of auction violates the auction participation rules or/and conditions stipulated by the
legal act.
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