LAW OF TURKMENISTAN

of August 4, 2011 No. 209-IV

About estimative activities

This Law establishes legal, economic and organizational basis of estimative activities, governs the relations arising when implementing estimative activities.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) assessment - determination possible market or other, excellent from market, assessment project costs;

2) estimative activities - the business activity performed for the purpose of establishment concerning objects of assessment market or other, excellent from market, costs;

3) assessment objects - the objects of the civil laws established by this Law concerning which assessment can be performed;

4) the appraiser - the physical person having special qualification, capability and experience to determine the cost of objects of assessment, competent according to this Law to perform their assessment;

5) approach to assessment - method of determination possible market or other, excellent from market, costs of objects of assessment with use of one or several evaluation methods;

6) evaluation method - the method of cost determination of objects of assessment used within approaches to assessment;

7) the valuation report - the document conforming to requirements of this Law, containing instructions concerning the task, the purpose and other evaluation criteria, and also analysis results which led the appraiser to the conclusion about market or other, excellent from market, assessment project costs;

8) date of assessment - day or period of time on which the cost of objects of assessment is determined possible market or other, excellent from market;

9) standards of assessment - the regulating document establishing requirements to performance of works by assessment;

10) market value - settlement sum of money on which object of assessment could be aloof based on the transaction in the conditions of the competition when the parties of the transaction would be effective, having all available information on this object, and the following circumstances that is when would not affect transaction price:

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info