Investors Handbook. A Legal Guide to Business in Georgia
the property.
2. Disposition of State owned property may be carried out via electronic auction. If the State
owned property is not sold or transferred to the use, it is allowed to dispose with it by means of
public auction. The rules on disposition of State owned property via public auction is approved
by the Minister of Economy and Sustainable Development.
3. In order to participate in auction the interested person is required to submit an uncondi-
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.
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