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LAW OF THE AZERBAIJAN REPUBLIC

of May 30, 2003 No. 462-IIQ

About regulated prices

This Law establishes legal and economic basis of state policy in the field of price regulation and rates (further - the prices) and the relations arising in this sphere.

Article 1. Legislation of the Azerbaijan Republic on regulated prices

The legislation of the Azerbaijan Republic on regulated prices consists of the Constitution of the Azerbaijan Republic, the Code about the competition of the Azerbaijan Republic, the Law "About Estimative Activities" and this Law, other regulatory legal acts, and also international treaties which participant is the Azerbaijan Republic.

Article 2. Basic concepts

2.1. The concepts used in this Law express the following values:

2.1.1. The price - monetary value of products (goods, work, service);

2.1.2. State regulation of the prices - price fixation by impact on process of their origin and application by means of legislative, administrative and financial and budget measures;

2.1.3. Emergence of the price - pricing based on the corresponding normative legal documents, demand offer and factors able to exert impact on the price;

2.1.4. Regulated price - the price which level is established by relevant organ of the executive authority;

2.1.5. Market price - the price established according to the mutual arrangement of the parties on the basis of the demand and supply;

2.1.6. Regulating authority - the relevant organ of the executive authority performing state regulation of the prices.

2.2. The concepts used in this Law concerning civil economic and other legislative spheres, are applied in the values used in the corresponding legal acts.

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