Article 3. Basic concepts

The following basic concepts are used in this Law:

State-owned real estate objects — property complexes (enterprises), buildings and constructions, including objects of unfinished construction, owned by the state on the right of ownership;

Privatization of state-owned property — the sale of state-owned property to individuals and non-state legal entities in accordance with the procedure provided for by this Law;

Bidder — the applicant, participating in the public auction, or his/her authorized representative;

Professional consultant — a legal entity or individual (including a foreign legal entity or individual) providing services in various areas of consulting services, including financial, investment, economic and (or) legal issues, engaged in order to organize preparations for the process of privatization and sale of privatized state property, as well as the commission of related the number of transactions;

Applicant — an individual or non-governmental legal entity (including a foreign legal entity or individual) who has submitted an application for participation in public auctions for privatized state property;

Buyer — a person or his/her representative, who has concluded a purchase and sale agreement or an exchange transaction for the privatization of state-owned property with an Authorized government body or its territorial administrations or a person authorized by it in accordance with this Law;

Business entity — a joint stock company, a limited liability company.