Peripeteia of Concession and Problems of Legal definition

Abstract

Despite the interesting history of the concession, the existence of official and private legal international foundations and scientific works for the creation of concession legislation, in the legislation of Georgia, it was not possible to determine the academic definition of concession as a legal institution. The nature of the concession agreement was not understood and distinguished, that is, a concession is a transfer of the right, not the property, however, a concession agreement is the way of its realization, that triggers problems of practice regarding assignment to a certain legal sphere, legal regulation, court jurisdiction, selection of law, etc. As the "Foreign element" participates in international private legal relations, state and foreign investor appear as parties in concession relations. For them, favorable situation, protective legal regime and predictable environment are the main factors. Accordingly, the development of concession legislation is of essential importance for the economy of Georgia. In addition to the legal purpose, the concession has an important social function and should ensure the inclusion of the private sector in the economic life and development of the country. In order to refine the legislation, the areas of application should be studied, problems, peculiarities, realities should be identified and it should be calculated what results will be achieved if the relevant legal norms are implemented. Refinement of the concession legislation is directly related to the creation of an investment environment in Georgia. Attracting investments, investors' guarantees and efficient use of the country's resources is a very urgent issue in terms of economic development, job creation and increase of state revenues