Article 6-9. Features of replacement of the contractor in project financing with the participation of the state The Law on Project Financing and Securitization

Home / RLA / Article 6-9. Features of replacement of the contractor in project financing with the participation of the state The Law on Project Financing and Securitization

1. In case of non-fulfillment or improper fulfillment by the contractor of its obligations defined in the basic agreement, the customer has the right to cancel the contract in accordance with the Civil Code of the Republic of Kazakhstan, notifying the contractor and creditors no later than fifteen calendar days in advance.

2. The choice of a new contractor under the basic agreement is carried out in accordance with paragraph 2 of Article 6-8 of this Law, subject to the following requirements:

1) the provisions of the tender documentation, on the basis of which a tender is being held in order to select a new contractor under the basic contract, must comply with the provisions of the tender documentation of the previous tender, with the exception of provisions that have changed taking into account the terms of the contract that were actually fulfilled at the time of the repeat tender;

2) the tender documentation must include a requirement for the new contractor to fulfill its obligations to creditors, in accordance with the procedure and on the terms agreed with them.

3. For the duration of the tender for the selection of a new contractor under the basic agreement, the execution of the terms of the basic agreement by the customer, in agreement with creditors, may be entrusted to a temporary contractor, whose selection procedure and terms of operation are determined by the Government of the Republic of Kazakhstan.

The Law of the Republic of Kazakhstan dated February 20, 2006 No. 126.

This Law establishes the legal basis and conditions for project financing and securitization in the Republic of Kazakhstan, defines the specifics of the assignment of claims and the legal regime of property in project financing and securitization, the legal status of a special financial company, as well as the legal basis and conditions for syndicated financing.

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Republic of Kazakhstan

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