Article 34. Consequences of non-fulfillment and improper fulfillment by the buyer of the terms of the contract of sale of privatized state property

In case of non-fulfilment or improper fulfilment of obligations under the sale and purchase agreement for privatized state property, the parties shall be liable in accordance with the legislation and the sale and purchase agreement for privatized state property.

In case of non-fulfilment or improper fulfilment of obligations under the sale and purchase agreement for privatized state property by the buyer, the authorized state body or its territorial authorities shall be obliged to send a written demand (notice) to the buyer on the non-fulfilment of the conditions for payment of the redemption and (or) fulfilment of the conditions for privatization of the state property within the established term and to provide information in accordance with the sale and purchase agreement for privatized state property.

In case of non-fulfilment or improper fulfilment of obligations under the sale and purchase agreement for privatized state property, the parties have the right to take measures to conduct conciliation proceedings.

The statute of limitations for disputes related to the buyer's performance of the terms of the sale and purchase agreement for privatized state property is three years.

In case of non-fulfilment or improper fulfilment of the terms of the sale and purchase agreement for privatized state property, the buyer shall be obliged to pay a penalty to the authorized state body in the amount specified in the sale and purchase agreement for privatized state property.