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სახალხო დაფინანსების შესაძლებლობები და ბარიერები განვითარებად ეკონომიკებში საქართველოს მაგალითზე
ვახტანგ სვანაძე [1] , შალვა ოთანაძე [2]
15/04/2025
<div><strong style="text-align: center;"><span lang="EN-GB" style="font-size: 10pt; color: #404040; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">DOI</span></strong><span lang="EN-GB" style="text-align: center; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 10pt; color: #404040;">:&nbsp;</span><span lang="EN-GB" style="text-align: center;"><a href="https://doi.org/10.55367/UQTD5184"><span style="font-size: 10pt;">https://doi.org/10.55367/UQTD5184</span></a></span></div> <div><hr align="left" size="1" width="33%" /> <div id="ftn1"> <p class="MsoFootnoteText"><a title="" href="file:///C:/Users/l.chaduneli/Desktop/Lika%20Chaduneli/%E1%83%9F%E1%83%A3%E1%83%A0%E1%83%9C%E1%83%90%E1%83%9A%E1%83%98/2025%20-1/FINAL/2.%20%E1%83%A8%E1%83%90%E1%83%9A%E1%83%95%E1%83%90%20%E1%83%9D%E1%83%97%E1%83%90%E1%83%9C%E1%83%90%E1%83%AB%E1%83%94%2019%20-%2038.docx#_ftnref1" name="_ftn1"><span class="MsoFootnoteReference"><span lang="EN-GB"><span class="MsoFootnoteReference"><span lang="EN-GB" style="font-size: 10.0pt; line-height: 115%; font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">[1]</span></span></span></span></a><span class="MsoFootnoteReference"><span lang="EN-GB"><span class="MsoFootnoteReference"><span lang="EN-GB" style="font-size: 10.0pt; line-height: 115%; font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">&nbsp;Doctor of Economics, Associate Professor, Caucasus International University</span><span lang="EN-GB" style="font-size: 10.0pt; line-height: 115%; font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"><span style="color: #404040; font-family: Times New Roman, serif;">.&nbsp;</span></span></span></span></span><span class="MsoFootnoteReference"><span lang="EN-GB"><span class="MsoFootnoteReference"><span lang="EN-GB" style="font-size: 10.0pt; line-height: 115%; font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">vakhtang.svanadze@ciu.edu.ge</span></span></span></span><span lang="EN-GB">&nbsp;</span></p> </div> <div id="ftn2"> <p class="MsoFootnoteText"><a title="" href="file:///C:/Users/l.chaduneli/Desktop/Lika%20Chaduneli/%E1%83%9F%E1%83%A3%E1%83%A0%E1%83%9C%E1%83%90%E1%83%9A%E1%83%98/2025%20-1/FINAL/2.%20%E1%83%A8%E1%83%90%E1%83%9A%E1%83%95%E1%83%90%20%E1%83%9D%E1%83%97%E1%83%90%E1%83%9C%E1%83%90%E1%83%AB%E1%83%94%2019%20-%2038.docx#_ftnref2" name="_ftn2"><span class="MsoFootnoteReference"><span lang="EN-GB"><span class="MsoFootnoteReference"><span lang="EN-GB" style="font-size: 10.0pt; line-height: 115%; font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">[2]</span></span></span></span></a>&nbsp;<span class="MsoFootnoteReference"><span lang="EN-GB"><span class="MsoFootnoteReference"><span lang="EN-GB" style="font-size: 10.0pt; line-height: 115%; font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">PhD student, Caucasus International University. Shalva.otanadze@ciu.edu.ge&nbsp;</span></span></span></span></p> <p class="MsoFootnoteText">&nbsp;</p> </div> </div> <p class="MsoNormal"><strong><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; color: #404040; mso-themecolor: text1; mso-themetint: 191;"> &nbsp;A B S T R A C T</span></strong></p> <p class="MsoNormal" style="text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; color: #404040; mso-themecolor: text1; mso-themetint: 191; mso-ansi-language: 'GEO\/KAT'; mso-bidi-font-weight: bold;">This study examines the role of crowdfunding as an alternative financing mechanism in Georgia&rsquo;s evolving financial ecosystem. Given the country's banking sector dominance and limited access to diverse funding sources, startups and SMEs face considerable challenges in securing capital. While crowdfunding has gained traction globally as a means of democratizing finance, its adoption in Georgia remains underdeveloped. This paper explores the barriers hindering crowdfunding&rsquo;s growth, including regulatory gaps, low financial literacy, and a lack of public awareness. A comparative analysis with Lithuania (A country that has successfully integrated crowdfunding into its financial system) provides valuable insights into how regulatory support and market conditions shape alternative financing adoption. The research employs a mixed-methods approach, combining secondary data analysis and a comparative case study. Data from official Georgian and Lithuanian sources, alongside relevant literature, are analyzed to evaluate the factors influencing crowdfunding development.</span></p> <p class="MsoNormal" style="text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; color: #404040; mso-themecolor: text1; mso-themetint: 191; mso-ansi-language: 'GEO\/KAT'; mso-bidi-font-weight: bold;">This research investigates key factors influencing crowdfunding awareness and SME growth, emphasizing financial literacy, reliance on traditional bank loans, and regulatory frameworks. The findings reveal that regulatory barriers and limited financial literacy are major obstacles to crowdfunding adoption in Georgia. Lithuania&rsquo;s regulatory innovations, particularly the adoption of the ECSP Regulation in 2021, have significantly enhanced its crowdfunding ecosystem, leading to increased access to alternative financing for SMEs. In Georgia, the dominance of traditional banking further stifles alternative financing options, hindering entrepreneurial growth.</span></p> <p class="MsoNormal" style="text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; color: #404040; mso-themecolor: text1; mso-themetint: 191; mso-ansi-language: 'GEO\/KAT'; mso-bidi-font-weight: bold;">Addressing the gaps in financial literacy, public awareness, and regulatory frameworks could unlock Georgia&rsquo;s potential for crowdfunding. Lessons from Lithuania&rsquo;s proactive policies suggest that regulatory reforms and public-private collaborations are critical to fostering a competitive and inclusive crowdfunding market.</span></p> <p class="MsoNormal" style="text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; color: #404040; mso-themecolor: text1; mso-themetint: 191; mso-ansi-language: 'GEO\/KAT'; mso-bidi-font-weight: bold;">These results have significant implications for policymakers, financial institutions, and entrepreneurs seeking to enhance access to alternative funding sources. The paper concludes with recommendations for strengthening Georgia's investment infrastructure, promoting financial education, and integrating best practices from Lithuania to develop a more inclusive and competitive financial ecosystem.</span></p> <p class="MsoNormal" style="text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; color: #404040; mso-themecolor: text1; mso-themetint: 191; mso-ansi-language: 'GEO\/KAT'; mso-bidi-font-weight: bold;">This study underscores the need for tailored strategies in Georgia to enhance financial literacy, diversify funding sources, and establish robust regulatory frameworks for crowdfunding. Future research should focus on longitudinal data collection and explore the socio-cultural factors influencing crowdfunding adoption in Georgia.</span></p> <p><strong><em><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-fareast-font-family: Arial; mso-bidi-font-family: Arial; color: #404040; mso-themecolor: text1; mso-themetint: 191; mso-ansi-language: EN-GB; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">Keywords:</span></em></strong> <em><span style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-fareast-font-family: Arial; mso-bidi-font-family: Arial; color: #404040; mso-themecolor: text1; mso-themetint: 191; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA; mso-bidi-font-weight: bold;">Crowdfunding, Alternative Finance, Financial Literacy, SME Growth, Investment Infrastructure, Regulatory Framework, Georgia, Lithuania.</span></em></p> <p class="MsoNormal" style="text-align: center; border: none; mso-padding-alt: 31.0pt 31.0pt 31.0pt 31.0pt; mso-border-shadow: yes;" align="center">&nbsp;</p> <p class="MsoNormal"><strong style="mso-bidi-font-weight: normal;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191; mso-ansi-language: 'GEO\/KAT';">ა ბ ს ტ რ ა ქ ტ ი</span></strong></p> <p class="MsoNormal" style="text-align: justify; border: none; mso-padding-alt: 31.0pt 31.0pt 31.0pt 31.0pt; mso-border-shadow: yes;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">განვითარებულ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სამეწარმეო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ეკოსისტემებში</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სახალხო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაფინანსების</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;"> crowdfunding </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მოდელმა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დიდი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ხანია</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მნიშვნელოვანი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ადგილი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაიკავა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ჩამოყალიბდა</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">როგორც</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საჭირო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ფინანსური</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რესურსების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მოძიების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ეფექტური</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ალტერნატიული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საშუალება</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">. </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">კვლევა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">განიხილავს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სახალხო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაფინანსების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">როლს</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">როგორც</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ალტერნატიულ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაფინანსების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მექანიზმს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">განვითარებად</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ფინანსურ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ეკოსისტემაში</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საქართველოს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მაგალითზე</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">. </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საქართველოში</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ქვეყნის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საბანკო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სექტორის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დომინირებისა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაფინანსების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მრავალფეროვან</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">წყაროებზე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">შეზღუდული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ხელმისაწვდომობის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გათვალისწინებით</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სტარტაპები</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მცირე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საშუალო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საწარმოები</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;"> (SMEs) </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მნიშვნელოვან</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გამოწვევებს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">აწყდებიან</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">კაპიტალის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მოზიდვის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">თვალსაზრისით</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">. </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მიუხედავად</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">იმისა</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რომ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სახალხო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაფინანსებამ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გლობალურად</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მოიპოვა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">პოპულარობა</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მისი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">წილობრივ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საინვესტიციო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მექანიზმის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დანერგვა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საქართველოში</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">კვლავ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ვერ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ხერხდება</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">. </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">აღნიშნული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ნაშრომი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">იკვლევს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">იმ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ბარიერებს</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რომლებიც</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">აფერხებს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">წილზე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაფუძნებული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სახალხო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაფინანსების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დანერგვას</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მათ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">შორის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მარეგულირებელ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ხარვეზებს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაბალ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ფინანსურ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">წიგნიერებას</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">. </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ლიეტუვასთან</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;"> (</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ქვეყანა</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რომელმაც</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">წარმატებით</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მოახდინა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">წილობრივი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სახალხო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაფინანსების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ინტეგრირება</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">თავის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ფინანსურ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სისტემაში</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">) </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">შედარებითი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ანალიზი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გვაძლევს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ღირებულ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ინფორმაციას</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">იმის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">შესახებ</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">თუ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">როგორ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">აყალიბებს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მარეგულირებელი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მხარდაჭერა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საბაზრო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">პირობები</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ალტერნატიული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაფინანსების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მექანიზმების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დანერგვას</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">განვითარებას</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">.</span></p> <p class="MsoNormal" style="text-align: justify; border: none; mso-padding-alt: 31.0pt 31.0pt 31.0pt 31.0pt; mso-border-shadow: yes;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">კვლევაში</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გამოყენებულია</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">შერეული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მეთოდების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მიდგომა</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რომელიც</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">აერთიანებს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მეორადი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მონაცემების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ანალიზსა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">შედარებით</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">კვლევას</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">. </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საქართველოსა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ლიეტუვის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ოფიციალური</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">წყაროებიდან</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მოპოვებული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მონაცემები</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">შესაბამის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ლიტერატურასთან</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ერთად</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გამოყენებული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გაანალიზებულია</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სახალხო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაფინანსების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">განვითარებაზე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მოქმედი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ფაქტორების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">შესაფასებლად</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">.</span></p> <p class="MsoNormal" style="text-align: justify; border: none; mso-padding-alt: 31.0pt 31.0pt 31.0pt 31.0pt; mso-border-shadow: yes;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">კვლევა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">აიდენტიფიცირებს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">იმ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ძირითად</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ფაქტორებს</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რომლებიც</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გავლენას</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ახდენს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სახალხო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაფინანსების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">შესახებ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ინფორმირებულობაზე</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მცირე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საშუალო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ბიზნესის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ზრდაზე</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ხაზს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">უსვამს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ფინანსური</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">განათლების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ნაკლებობას</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ტრადიციულ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საბანკო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სესხებზე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დამოკიდებულებას</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მარეგულირებელ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ჩარჩოებს</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">. </span></p> <p class="MsoNormal" style="text-align: justify; border: none; mso-padding-alt: 31.0pt 31.0pt 31.0pt 31.0pt; mso-border-shadow: yes;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დასკვნები</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ცხადყოფს</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რომ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მარეგულირებელი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ბარიერები</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">შეზღუდული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ფინანსური</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ცოდნა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">არის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მთავარი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაბრკოლება</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სახალხო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაფინანსების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დანერგვისთვის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საქართველოში</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">. </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ლიტვის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მარეგულირებელმა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ინიციატივებმა</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">განსაკუთრებით</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;"> ECSP </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რეგულაციის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მიღებამ</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;"> 2021 </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">წელს</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მნიშვნელოვნად</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გააუმჯობესა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ქვეყნის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სახალხო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაფინანსების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ეკოსისტემა</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რამაც</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გამოიწვია</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მცირე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საშუალო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ბიზნესის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ალტერნატიულ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაფინანსებაზე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ხელმისაწვდომობის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გაზრდა</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">. </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საქართველოში</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ტრადიციული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საბანკო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საქმიანობის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დომინირება</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">კიდევ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">უფრო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ახშობს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაფინანსების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ალტერნატიულ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ვარიანტებს</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რაც</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ხელს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">უშლის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სამეწარმეო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ეკოსისტემის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ზრდას</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">. </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">კვლევის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">შედეგები</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მნიშვნელოვან</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ინფორმაციის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">წყაროდ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">შეიძლება</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">იქცეს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">პოლიტიკის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">შემქმნელების</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ფინანსური</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ინსტიტუტებისა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მეწარმეებისთვის</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რომლებიც</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ცდილობენ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გააძლიერონ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაფინანსების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ალტერნატიულ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">წყაროებზე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ხელმისაწვდომობა</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">. </span></p> <p class="MsoNormal" style="text-align: justify; border: none; mso-padding-alt: 31.0pt 31.0pt 31.0pt 31.0pt; mso-border-shadow: yes;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">კვლევა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ხაზს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">უსვამს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საქართველოში</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ფინანსური</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">წიგნიერების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ზრდის</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაფინანსების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">წყაროების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დივერსიფიკაციისა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სახალხო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაფინანსებისთვის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ძლიერი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მარეგულირებელი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ჩარჩოების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ჩამოყალიბების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">აუცილებლობას</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">. </span></p> <p class="MsoNormal" style="text-align: justify; border: none; mso-padding-alt: 31.0pt 31.0pt 31.0pt 31.0pt; mso-border-shadow: yes;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ნაშრომი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მთავრდება</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რეკომენდაციებით</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საქართველოს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საინვესტიციო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ინფრასტრუქტურის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გაძლიერების</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ფინანსური</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">განათლების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ხელშეწყობისა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ლიტვის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საუკეთესო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">პრაქტიკის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ინტეგრაციის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">შესახებ</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191;">.<strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><span style="mso-spacerun: yes;">&nbsp; </span></em></strong></span></p> <p class="MsoNormal" style="text-align: justify; border: none; mso-padding-alt: 31.0pt 31.0pt 31.0pt 31.0pt; mso-border-shadow: yes;"><strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191; mso-ansi-language: 'GEO\/KAT';">საკვანძო სიტყვები: </span></em></strong><em style="mso-bidi-font-style: normal;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191; mso-ansi-language: 'GEO\/KAT';">სახალხო დაფინანსება, ალტერნატიული ფინანსები, ფინანსური განათლება, მცირე და საშუალო ბიზნესის ზრდა, საინვესტიციო ინფრასტრუქტურა, მარეგულირებელი ჩარჩო, საქართველო, ლიეტუვა.</span></em></p> <h1 style="text-indent: -.25in; mso-list: l2 level1 lfo1; margin: 12.0pt 0in .0001pt .5in;"><strong><a name="_Toc141712890"></a><!-- [if !supportLists]--><span lang="EN-GB" style="font-size: 14pt; line-height: 115%; font-family: 'Times New Roman', 'serif';"><span style="mso-list: Ignore;">1.<span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="EN-GB" style="font-size: 14.0pt; mso-bidi-font-size: 24.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Introduction</span></strong></h1> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">Launching and expanding a startup without external funding is nearly impossible, regardless of the country in which it operates. The crowdfunding model has established itself as a vital component of the entrepreneurial ecosystem, serving as an effective alternative for securing the necessary financial resources. While variations of this approach have been practiced for centuries in many countries, crowdfunding is still undergoing development and refinement. Over the past 30 years, the rapid advancement of internet technologies has created new opportunities, significantly simplifying the process of securing financing for startup entrepreneurs. It is no surprise that, in today's interconnected world, people are more connected than ever, with information being exchanged more easily and quickly. Amid these global changes, crowdfunding has gained increasing popularity as a financing method (Paul &amp; Ravinder , 2024).</span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">Crowdfunding has emerged as an innovative financing model that reshapes the entrepreneurial ecosystem by enabling entrepreneurs to raise funds from a large audience through digital platforms (Brem, 2020). Particularly in developing economies, crowdfunding provides an alternative to traditional financing avenues, addressing the challenges faced by startups and SMEs in accessing capital. Since its rise in the mid-2000s, crowdfunding has been lauded for its democratizing effect, facilitating financial inclusion and fostering innovation.</span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">Despite these advantages, the development of crowdfunding ecosystems varies widely across countries, influenced by regulatory frameworks, financial literacy levels, and market maturity. While nations like Lithuania have embraced crowdfunding through supportive regulations, other countries, including Georgia, are yet to realize its full potential due to regulatory, cultural, and infrastructural barriers.</span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">This article seeks to explore the opportunities and challenges of crowdfunding in Georgia within the broader context of developing economies. Drawing on a comprehensive review of existing literature and a comparative analysis of Lithuania's crowdfunding ecosystem, the research underscores the importance of regulatory reforms, enhanced financial literacy, and technological innovation in fostering crowdfunding adoption.</span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">The research highlights key obstacles, such as the dominance of traditional banking systems, low public awareness of alternative financing, and the absence of a robust regulatory framework for equity- and debt-based crowdfunding. Addressing these issues is essential for Georgia to leverage crowdfunding as a tool for economic development.</span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">This study aims to provide actionable recommendations to advance Georgia&rsquo;s crowdfunding ecosystem by identifying best practices from Lithuania and other developing countries. It emphasizes its potential to drive SME growth, diversify funding sources, and boost financial inclusion.</span></span></p> <h2 style="margin-left: .5in; text-indent: -.5in; mso-list: l1 level2 lfo2;"><span style="mso-bookmark: _Toc141712890;"><!-- [if !supportLists]--><strong><span lang="GEO/KAT" style="font-size: 12.0pt; mso-bidi-font-size: 18.0pt; line-height: 115%; font-family: 'Calibri','sans-serif'; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-ansi-language: 'GEO\/KAT';"><span style="mso-list: Ignore;">1.1.<span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; mso-bidi-font-size: 18.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">Definition and relevance of crowdfunding</span></strong></span></h2> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">Crowdfunding is a financing method in which numerous individual investors collectively contribute to fund a project initiated by an entrepreneurial firm. It is sometimes regarded as one of the top 10 innovations of the 21st century (Miglo, 2021).</span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">Crowdfunding has experienced rapid growth alongside advancements in information technology, providing an essential funding avenue for start-up firms that are establishing their presence and assessing market demand Tian et al. (2024). It serves as a reliable indicator of consumer interest, offering insights into demand that help emerging businesses refine their approach. Unlike traditional financing methods, crowdfunding capital is often more accessible and less costly, as it reduces information asymmetry for early investors and potential customers, enabling them to make informed decisions Tian et al. (2024).</span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">Crowdfunding involves gathering capital from a broad online audience and has gained popularity as a funding mechanism for innovative projects and ideas since the mid-2000s. It can be divided into four main types: reward-based, equity-based, donation-based, and lending-based models. Its primary participants include entrepreneurs seeking funds, contributors who make up the &ldquo;crowd,&rdquo; and the platform that enables their interaction. Entrepreneurs are drawn to crowdfunding due to its relatively lower costs compared to traditional financing options and the added benefit of obtaining insights from the crowd (Lambert, 2024).</span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">Reward-based crowdfunding, used by platforms like Kickstarter and Indiegogo, offers contributors non-financial rewards in exchange for their support.<span style="mso-spacerun: yes;">&nbsp; </span>This model provides key advantages as it allows entrepreneurs to gauge product demand before fully committing resources to production. However, it also introduces a risk of moral hazard since entrepreneurs receive funding upfront, which could tempt them to misuse the funds rather than follow through on production (Lin &amp; Pursiainen , 2022). </span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">Equity-based crowdfunding enables young ventures and commercial projects to acquire funding by offering equity stakes to a diverse group of potential investors through online platforms. Unlike traditional equity financing, these investments typically lack a secondary market, although some platforms are working to address this limitation (Estrin, 2018).</span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">Debt-based crowdfunding, or peer-to-peer (P2P) lending, requires the borrower to repay the amount within a set period, providing the investor with interest payments. Unlike traditional debt financing, where the borrower typically deals with a single lender, debt-based crowdfunding involves multiple creditors, which can introduce unique dynamics in cases of financial distress (Zilber &amp; Silveira, 2016).</span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">In donation-based crowdfunding, contributors do not expect material or financial returns, and fund recipients hold no binding financial obligation to the donors. While the literature on donation-based crowdfunding is less extensive than on other types, it is steadily growing (Gerber, Hui, &amp; Kuo, 2012).</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Calibri','sans-serif'; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">&nbsp;</span></span></p> <h2 style="margin-left: .5in; text-indent: -.5in; mso-list: l1 level2 lfo2;"><span style="mso-bookmark: _Toc141712890;"><!-- [if !supportLists]--><strong><span lang="GEO/KAT" style="font-size: 12.0pt; mso-bidi-font-size: 18.0pt; line-height: 115%; font-family: 'Calibri','sans-serif'; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-ansi-language: 'GEO\/KAT';"><span style="mso-list: Ignore;">1.2.<span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; mso-bidi-font-size: 18.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">The importance of crowdfunding in developing economies</span></strong></span></h2> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">The concept of crowdfunding platforms quickly gained popularity after their inception, as they offer an alternative funding source for entrepreneurs and startups, enabling the implementation of ideas and projects with public support and involvement. In international economic circles, crowdfunding platforms are recognized as:</span></span></p> <p class="MsoListParagraphCxSpFirst" style="margin-bottom: 8.0pt; mso-add-space: auto; text-align: justify; text-indent: -.25in; mso-list: l0 level1 lfo3;"><span style="mso-bookmark: _Toc141712890;"><!-- [if !supportLists]--><span style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: Wingdings; mso-fareast-font-family: Wingdings; mso-bidi-font-family: Wingdings;"><span style="mso-list: Ignore;">&uuml;&nbsp; <span style="font: 7.0pt 'Times New Roman';">&nbsp; </span></span></span><span style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">A democratic tool for business project realization, as the crowd finances projects.</span></span></p> <p class="MsoListParagraphCxSpMiddle" style="margin-bottom: 8.0pt; mso-add-space: auto; text-align: justify; text-indent: -.25in; mso-list: l0 level1 lfo3;"><span style="mso-bookmark: _Toc141712890;"><!-- [if !supportLists]--><span style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: Wingdings; mso-fareast-font-family: Wingdings; mso-bidi-font-family: Wingdings;"><span style="mso-list: Ignore;">&uuml;&nbsp; <span style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;</span></span></span><!--[endif]--><span style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">A tool for social validation of a business idea, since a project funded by thousands of people is considered to have significant value.</span></span></p> <p class="MsoListParagraphCxSpLast" style="margin-bottom: 8.0pt; mso-add-space: auto; text-align: justify; text-indent: -.25in; mso-list: l0 level1 lfo3;"><span style="mso-bookmark: _Toc141712890;"><!-- [if !supportLists]--><span style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: Wingdings; mso-fareast-font-family: Wingdings; mso-bidi-font-family: Wingdings;"><span style="mso-list: Ignore;">&uuml; <span style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;</span></span></span><!--[endif]--><span style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">A mechanism for gradual growth and effective validation, as funding is typically secured in stages or rounds.</span></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Moreover, initial evidence from the eastern EU countries suggests that crowdfunding has tangible positive impacts, correlating with greater venture capital investment and an increase in entrepreneurial activity.</span></span></p> <h2 style="margin-left: .5in; text-indent: -.5in; mso-list: l1 level2 lfo2;"><!-- [if !supportLists]--><strong><span lang="GEO/KAT" style="font-size: 12.0pt; mso-bidi-font-size: 18.0pt; line-height: 115%; font-family: 'Calibri','sans-serif'; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-ansi-language: 'GEO\/KAT';"><span style="mso-list: Ignore;">1.3.<span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; mso-bidi-font-size: 18.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">Georgia's economic context and SME financing challenges</span></strong></h2> <p class="MsoNormal" style="margin-bottom: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman';">For over 30 years Georgia has experienced two parallel processes: the development of a Georgian capitalism model and the creation of a functional financial market. These processes, however, have shown inconsistencies and contradictions. The capital market in Georgia is underdeveloped, which impacts the country's financial growth, international investment potential, and economic integration<!-- [if supportFields]><span style='mso-element:field-begin'></span>CITATION Khi12 \l 1033 <span style='mso-element:field-separator'></span><![endif]--><span style="mso-no-proof: yes;"><span style="mso-spacerun: yes;">&nbsp;</span>(Khishtovani, 2012)</span><!-- [if supportFields]><span style='mso-element:field-end'></span><![endif]-->. The banking sector's monopoly limits the development of financial markets due to its dominance and resistance to competition.</span></p> <p class="MsoNormal" style="margin-bottom: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: 'GEO\/KAT';">Historically, the development of the securities market and investment market in Georgia has been uneven. Following the collapse of the Soviet Union and the country&rsquo;s subsequent independence, banks were able to capitalize on the existing financial infrastructure, allowing them to adapt and expand more rapidly than other sectors within the financial market. Although there were initiatives to establish alternative markets, such as insurance and securities, the banking sector perceived these developments as potential threats to their access to capital. Consequently, banks began lobbying for policies that would allow only banks to establish insurance companies.</span></p> <p class="MsoNormal" style="margin-bottom: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: 'GEO\/KAT';">In 1998, the passage of the "Securities Law" marked a significant shift, as it demonstrated to the business community and the public that banks were not the sole sources of financial resources. This legislation initially spurred rapid growth in the securities market; however, this momentum proved to be short-lived. Currently, the insurance sector is overseen by a separate regulatory body, whereas the regulation of the securities market remains under the National Bank of Georgia. The National Bank, which also serves as the supervisory authority for commercial banks, exhibits limited interest in fostering the development of the securities market, largely due to the significant influence of the banking sector.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman';">Government policies have disrupted financial markets by focusing heavily on foreign direct investment and supporting state-owned enterprises for privatization, rather than fostering a competitive environment. Politically connected enterprises benefit from government favoritism, which reduces the incentive to utilize capital market mechanisms such as stock market listings.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Currently, the issue of access to alternative finance for small and medium-sized enterprises (SMEs) in Georgia is a pressing concern. State grants and bank loans continue to serve as the primary sources of SME financing, with additional support from international non-governmental organizations. However, alternative financing options remain underdeveloped and limited in availability, highlighting a significant gap in the financial ecosystem.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">In parallel with the dominance of the banking sector, there has been a substantial increase in the population's deposits within commercial banks. Notably, in 2023, the total volume of deposits in commercial banks reached 63.1% of the country&rsquo;s gross domestic product (GDP) (Figure 1). This trend reflects the central role of the banking sector in the financial system and indicates a significant reliance on traditional banking mechanisms for savings and investment.</span></p> <p class="MsoNormal" style="text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">&nbsp;</span></p> <p class="MsoNormal" style="text-align: justify;"><strong style="mso-bidi-font-weight: normal;"><span lang="EN-GB" style="font-family: 'Times New Roman','serif';">Figure 1. Deposit Volume in Commercial Banks as a Share of Georgia's GDP</span></strong></p> <p class="MsoNormal" style="text-align: justify;"><strong style="mso-bidi-font-weight: normal;"><span lang="EN-GB" style="font-family: 'Times New Roman','serif';"><img 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" alt="" /></span></strong></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><em style="mso-bidi-font-style: normal;"><span lang="EN-GB" style="font-family: 'Times New Roman','serif';">Source:</span></em><span lang="EN-GB" style="font-family: 'Times New Roman','serif';"> <em style="mso-bidi-font-style: normal;">National Statistics Office of Georgia. Diagram created by the author based on data from the National Statistics Office of Georgia.</em></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">In the context of Georgia's underdeveloped financial sector, the net profit of commercial banks remains remarkably high. According to the National Bank of Georgia, the net profit of commercial banks in 2023 reached 2.7 billion GEL, reflecting a significant increase of nearly 30% compared to the 2.1 billion GEL recorded in the previous year.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;">&nbsp;</p> <p class="MsoNormal" style="text-align: justify;"><strong style="mso-bidi-font-weight: normal;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Figure 2. </span></strong><strong style="mso-bidi-font-weight: normal;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial;">Net Profit of Commercial Banks in Georgia (2015&ndash;2023)</span></strong></p> <p class="MsoNormal"><em style="mso-bidi-font-style: normal;"><span lang="EN-GB" style="font-family: 'Times New Roman','serif';"><img src="data:image/png;base64,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" alt="" /></span></em></p> <p class="MsoNormal"><em style="mso-bidi-font-style: normal;"><span lang="EN-GB" style="font-family: 'Times New Roman','serif';">Source:</span></em><span lang="EN-GB" style="font-family: 'Times New Roman','serif';"> <em style="mso-bidi-font-style: normal;">Diagram created by the author based on data from the National Bank of Georgia.</em></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">The high profitability of banks, despite an underdeveloped financial sector, suggests that commercial banks dominate financial intermediation in Georgia, with limited competition from alternative financial institutions (e.g., insurance companies, capital markets, or crowdfunding platforms).</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">This article aims to achieve <strong style="mso-bidi-font-weight: normal;">three primary objectives</strong> in the context of crowdfunding in Georgia:</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><strong style="mso-bidi-font-weight: normal;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">To identify </span></strong><strong style="mso-bidi-font-weight: normal;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Arial Unicode MS';">the value or relevance of crowdfunding for economic development:</span></strong></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">The article explores how crowdfunding can be a significant financing mechanism for Georgia's economic growth. It will focus on its potential benefits for startups and small and medium-sized enterprises (SMEs) that face challenges in accessing traditional financing. The analysis will highlight the role of crowdfunding in fostering innovation, diversifying funding sources, and promoting financial inclusion.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><strong style="mso-bidi-font-weight: normal;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">To examine the barriers and challenges to crowdfunding growth in Georgia:</span></strong></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">The article will investigate various obstacles that hinder the expansion of crowdfunding in the country, including regulatory, cultural, and market-based issues. Understanding these barriers is essential for developing strategies to overcome them and create a more conducive environment for alternative finance.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><strong style="mso-bidi-font-weight: normal;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">To compare Georgia's crowdfunding landscape with other developing economies:</span></strong></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">The article analyses crowdfunding experiences in other developing countries to identify best practices and successful strategies that can be applied in Georgia. This comparative analysis will provide insights into regulatory frameworks, government incentives, and market development measures that have facilitated crowdfunding growth elsewhere.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">The article will address the following <strong style="mso-bidi-font-weight: normal;">research questions</strong> to guide the analysis:</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">What are the primary opportunities that crowdfunding presents for Georgia's economic development, particularly for SMEs and startups?</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">What barriers and challenges are limiting the growth of crowdfunding in Georgia, and how do these compare to the experiences of other countries?</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">What strategies and policies could be implemented to promote the growth of crowdfunding as a viable financing option in Georgia?</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">This article is structured as follows: The next section provides an overview of the theoretical foundations of crowdfunding and reviews the relevant literature, highlighting key opportunities and challenges specific to developing economies like Georgia. The results section presents and discusses the key findings, emphasizing the comparison with Lithuania as a case study for successful crowdfunding ecosystem development. Following this, the conclusions section summarizes the study&rsquo;s main contributions and offers practical recommendations for advancing crowdfunding in Georgia. Finally, the limitations of the study are acknowledged, and suggestions for future research directions are proposed.</span></p> <h1 style="margin-left: 18.75pt; text-align: justify; text-indent: -18.75pt; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><strong><span lang="GEO/KAT" style="font-size: 14.0pt; mso-bidi-font-size: 24.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: 'GEO\/KAT';"><span style="mso-list: Ignore;">2.<span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 14.0pt; mso-bidi-font-size: 24.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">Literature Review</span></strong></h1> <h2 style="margin-left: .5in; text-indent: -.5in; mso-list: l1 level2 lfo2;"><!-- [if !supportLists]--><strong><span lang="GEO/KAT" style="font-size: 12.0pt; mso-bidi-font-size: 18.0pt; line-height: 115%; font-family: 'Calibri','sans-serif'; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-ansi-language: 'GEO\/KAT';"><span style="mso-list: Ignore;">2.1.<span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; mso-bidi-font-size: 18.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">Theoretical foundations of crowdfunding</span></strong></h2> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">The foundations of crowdfunding draw from economic, social, and psychological theories, each explaining different aspects of its appeal and effectiveness as a capital-raising mechanism.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-no-proof: yes;">Strausz (2017)</span><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';"> highlights crowdfunding&rsquo;s innovative role in allowing entrepreneurs to engage with consumers before committing to investment. By enabling pre-investment contracting, crowdfunding helps reduce demand uncertainty, improving the screening process for valuable projects. However, Strausz notes that entrepreneurial moral hazard and private cost information can undermine this benefit. To address these issues, popular crowdfunding platforms offer mechanisms, such as conditional pledging, that allow consumers to defer payments and manage moral hazard effectively. Strausz further emphasizes that crowdfunding&rsquo;s efficiency is contingent on expected returns surpassing agency costs associated with entrepreneurial incentives. Ultimately, by diminishing demand uncertainty, crowdfunding enhances welfare and complements traditional financing methods, which focus more on controlling moral hazard.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">As CF has developed over the past decade, its terminology has become more standardized. Most academic literature now references the taxonomy established by the Cambridge Centre for Alternative Finance (CCAF). According to CCAF's <em>Global Alternative Finance Market Benchmarking Report</em> (2020), 14 different crowdfunding models have been identified, broadly categorized into three main types: debt-based models, equity-based models, and non-investment models (such as donation-based and reward-based crowdfunding). This classification system helps clarify various alternative finance models as distinct methods of capital raising (Figure 3)</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-no-proof: yes;">Gerber, Hui, &amp; Kuo (2012)</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif';"> describe crowdfunding as a tool for attracting financial resources, often in exchange for a future product, service, or symbolic reward. This mechanism can engage various segments of society, including individuals and private organizations. According to Gerber, CF has the potential to significantly influence social and economic activities by facilitating the realization of new and innovative products and services. Drawing from economic theories (behavioral economics, microeconomics, entrepreneurial finance) and socio-psychological concepts (motivation, behavior, drive), Gerber analyzes and discusses CF as a multifaceted phenomenon.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Since the mid-2010s, blockchain-based CF has gained traction as well, with platforms adopting blockchain technology to improve transactional efficiency and even establish secondary markets. This innovation offers new opportunities for transparency and trust, addressing some limitations of earlier crowdfunding models<!-- [if supportFields]><span style='mso-element:field-begin'></span> CITATION Lam24 \l 1033 <span style='mso-element:field-separator'></span><![endif]--><span style="mso-no-proof: yes;"><span style="mso-spacerun: yes;">&nbsp;</span>(Lambert, 2024)</span><!-- [if supportFields]><span style='mso-element:field-end'></span><![endif]-->. </span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><strong><span lang="EN-GB">Figure 3. Alternative Finance Taxonomy.</span></strong></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-family: 'Times New Roman','serif';"><img 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" alt="" /></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-family: 'Times New Roman','serif';"> Source: </span><span lang="EN-GB"><!-- [if supportFields]><span style='font-family:"Times New Roman","serif"'><span style='mso-element:field-begin'></span><span style='mso-spacerun:yes'> </span>CITATION THE21 \l 1033 <span style='mso-element:field-separator'></span></span><![endif]--><span style="font-family: 'Times New Roman','serif';"><span style="mso-no-proof: yes;">(THE USAID ECONOMIC GOVERNANCE PROGRAM, 2021)</span></span><!-- [if supportFields]><span style='font-family:"Times New Roman","serif"'><span style='mso-element:field-end'></span></span><![endif]--></span><span lang="EN-GB" style="font-family: 'Times New Roman','serif';"> based on CCAF</span><span lang="EN-GB"><!-- [if supportFields]><span style='font-family:"Times New Roman","serif"'><span style='mso-element:field-begin'></span>CITATION Cam20 \l 1033 <span style='mso-element:field-separator'></span></span><![endif]--><span style="font-family: 'Times New Roman','serif';"><span style="mso-no-proof: yes;"><span style="mso-spacerun: yes;">&nbsp;</span>(Cambridge Centre for Alternative Finance, 2020)</span></span><!-- [if supportFields]><span style='font-family:"Times New Roman","serif"'><span style='mso-element:field-end'></span></span><![endif]--></span></p> <h2 style="margin-left: .5in; text-indent: -.5in; mso-list: l1 level2 lfo2;"><!-- [if !supportLists]--><strong><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 18.0pt; line-height: 115%; font-family: 'Calibri','sans-serif'; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">2.2.<span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 18.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial;">Overview of global trends in crowdfunding in developing countries</span></strong></h2> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Developing countries face significant challenges in accessing capital, especially for small and medium-sized enterprises (SMEs) and startups. Crowdfunding addresses this gap by democratizing finance, allowing businesses to attract funding from local and international contributors. Platforms such as Kenya&rsquo;s M-Changa and India&rsquo;s Ketto exemplify how CF has broadened access to funds, empowering entrepreneurs who might otherwise struggle to secure bank loans or investment capital<!-- [if supportFields]><span style='mso-element:field-begin'></span>CITATION Afr23 \l 1033 <span style='mso-element:field-separator'></span><![endif]--><span style="mso-no-proof: yes;"><span style="mso-spacerun: yes;">&nbsp;</span>(Africa Diaspora Revival Fund, 2023)</span><!-- [if supportFields]><span style='mso-element: field-end'></span><![endif]-->.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Regulatory frameworks in developing countries are gradually evolving to accommodate and support CF. While some countries, like Malaysia and Brazil, have introduced specific regulations for crowdfunding, others are in the early stages of regulatory development. Effective regulation is crucial for building trust among investors and minimizing risks such as fraud, particularly in equity and debt-based crowdfunding. This trend highlights the importance of transparent, secure regulatory environments in fostering sustainable CF ecosystems.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Despite its growth, CF in developing countries faces challenges, including low financial literacy, limited internet access, and lack of investor protection. Many potential backers are unfamiliar with CF mechanisms, which limits participation. Additionally, inadequate regulatory frameworks in some countries may expose investors to risks, discouraging them from engaging in equity-based or lending-based CF models. Addressing these issues is critical for maximizing the potential of CF as a tool for economic empowerment in developing markets.</span></p> <h1 style="margin-left: 18.75pt; text-indent: -18.75pt; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 14.0pt; mso-bidi-font-size: 24.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: 'GEO\/KAT';"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 14.0pt; mso-bidi-font-size: 24.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">Methodology</span></h1> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">This study adopts a mixed-methods research approach to analyze the theoretical foundations, current state, and potential development of crowdfunding within Georgia&rsquo;s financial ecosystem. The research integrates a thorough literature review with secondary data analysis and a comparative study of Lithuania to evaluate the factors influencing crowdfunding awareness and adoption among small and medium-sized enterprises (SMEs) in Georgia.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">The secondary data utilized in this study are sourced from reliable institutions, including reports from the National Bank of Georgia, international databases, and publications from local financial organizations. This data provides insights into SME financing trends, the regulatory framework, and the financial literacy levels of Georgian entrepreneurs, all shaping the crowdfunding ecosystem.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">To assess the relationship between financial literacy, SME financing, and crowdfunding, a comparative analysis with Lithuania is conducted to draw lessons from its successful implementation of crowdfunding platforms and regulatory practices.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">The findings synthesize insights from the literature review, data analysis, and comparative study to formulate actionable recommendations. These recommendations aim to enhance crowdfunding awareness, address regulatory challenges, and promote its adoption as a viable alternative financing model for SMEs in Georgia.</span></p> <h1 style="text-indent: -18.75pt; mso-list: l1 level1 lfo2; margin: 12.0pt 0in .0001pt 18.75pt;"><!-- [if !supportLists]--><strong><span lang="EN-GB" style="font-size: 14.0pt; mso-bidi-font-size: 24.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman';"><span style="mso-list: Ignore;">4.<span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="EN-GB" style="font-size: 14.0pt; mso-bidi-font-size: 24.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Analysis of Opportunities</span></strong></h1> <h2 style="margin-left: .5in; text-indent: -.5in; mso-list: l1 level2 lfo2;"><!-- [if !supportLists]--><strong><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 18.0pt; line-height: 115%; font-family: 'Calibri','sans-serif'; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">4.1.<span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 18.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial;">Opportunities for SMEs and startups</span></strong></h2> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Early-stage ventures use crowdfunding to test a product&rsquo;s viability and engage initial adopters with minimal barriers to entry. Crowdfunding campaigns also provide marketing advantages by generating visibility for the business. Companies can gauge market interest and measure demand through pre-sales or donation-based models, allowing them to assess the potential for product launches. For investors, this validation from the crowd lowers investment risk by affirming market demand. Some angel investment groups, such as Heartland Angels in Chicago, now incorporate crowdfunding portals to help businesses demonstrate market acceptance through successful campaigns.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Crowdfunding campaigns can attract a group of motivated customers who serve as both advocates and a source of valuable feedback. By expanding into crowd-financed investment (CFI), companies gain access to an early support network of investors with a vested interest in their success. These early supporters often act as informal advisors, offering insights, sharing skills, and connecting entrepreneurs to influential partners, all of which help new businesses overcome early growth challenges.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Traditional micro-lending practices often depend on local networks for monitoring and governance. Crowdfunding, however, breaks these geographic constraints by connecting projects to a wider investor base that may not be locally tied. While there is some evidence of &ldquo;local bias&rdquo; in donation-based crowdfunding, geography tends to play a less significant role in supporting promising projects on crowdfunding platforms. Whether this shift is due to differing trust standards, verification methods, or other factors remains unclear, but the trend toward borderless investment continues to grow.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Traditionally, early-stage enterprises in developed countries have relied on business angels and venture capitalists (VCs) for funding, while in developing regions, such funding often comes from friends and family. Advances in social media and information and communication technology (ICT) now allow early-stage and high-growth ventures worldwide to bypass traditional venture investor routes by presenting their offerings directly to a broad network of online investors. This process benefits from &ldquo;crowd validation,&rdquo; where interest from other investors can help reduce perceived and real risks associated with early-stage investment. While crowdfunding does not replace the role of angels or VCs in larger or later-stage funding, it offers an alternative route for early growth.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Entrepreneurs also benefit from the immediate feedback crowdfunding provides on market viability. Feedback from backers may lead to business model adjustments or market focus shifts. This collaborative exchange of information can help companies refine their strategies, identify potential new markets, and build partnerships with suppliers or vendors. A successful </span><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: 'Times New Roman';">CF</span><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';"> campaign enhances a company&rsquo;s credibility and visibility among investors, building an engaged audience of supporters who may become future customers and advocates.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Effective crowdfunding systems require more than just entrepreneurs and interested investors; they also depend on a supportive ecosystem with progressive regulations, advanced technological solutions, and a culture that can adapt to this new funding model. The idea of building an ecosystem around a technology platform is well-established. For example, social networking and online advertising platforms have demonstrated how an ecosystem of entrepreneurs and businesses can form around it after the initial platform launch to enhance its overall value.</span></p> <h2 style="margin-left: .5in; text-indent: -.5in; mso-list: l1 level2 lfo2;"><!-- [if !supportLists]--><strong><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 18.0pt; line-height: 115%; font-family: 'Calibri','sans-serif'; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">4.2.<span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 18.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial;">Georgian crowdfunding ecosystem</span></strong></h2> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Currently, the most active crowdfunding platform in Georgia is Orbelianimeti.ge, which has been in operation since 2020. The platform primarily focuses on social issues and civil society initiatives, though it also allows startups to submit ideas. To date, it has raised a total of 407,000 GEL, supplemented by co-financing from donor organizations such as UNDP, USAID, SIDA, the Embassy of the Czech Republic, the Embassy of the Netherlands, and the EWMI Access Program. Built on a reward-based model, the platform rarely features business investment projects, instead hosting primarily social and civic projects</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial;">.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Investme.ge was the first platform in Georgia to focus on commercial startups through reward-based crowdfunding. Established in 2018 with financial support from the Reserve Fund of the President of Georgia, it also provided a space for social entrepreneurship, offering rewards to financial backers. The platform hosted a limited number of crowdfunding projects, but none reached their full funding targets. Currently, the platform is inactive, and project placement is temporarily suspended.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Crystalcrowd.ge is an equity-based crowdfunding platform established in 2015 by the microfinance organization Crystal. However, due to non-compliance with legal requirements, no projects were ever launched on the platform.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Fundraiser.ge was launched in 2018 as a reward-based crowdfunding platform primarily supporting social initiatives. Initially operating in a test mode, the platform targeted civil society representatives as its primary audience. In 2020, Fundraiser.ge expanded to fully include startups, now serving both civic and entrepreneurial sectors. To date, it has raised approximately 93,853 GEL. The platform predominantly hosts civic initiatives, with fewer projects focused on business investments.</span></p> <h1 style="text-indent: -18.75pt; mso-list: l1 level1 lfo2; margin: 12.0pt 0in .0001pt 18.75pt;"><!-- [if !supportLists]--><strong><span lang="EN-GB" style="font-size: 14.0pt; mso-bidi-font-size: 24.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman';"><span style="mso-list: Ignore;">5.<span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="EN-GB" style="font-size: 14.0pt; mso-bidi-font-size: 24.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Analysis of Barriers</span></strong></h1> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Despite its potential, the growth of crowdfunding in Georgia faces several significant barriers and challenges that need to be addressed. These include:</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">The banking sector&rsquo;s strong influence in Georgia's financial market presents a challenge for alternative financing methods. With a large share of the population's deposits held in commercial banks, there is a tendency to rely on traditional financial institutions rather than explore new, unproven funding models like crowdfunding.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">The regulatory framework in Georgia currently prohibits the operation of equity and debt-based crowdfunding, limiting the development of crowdfunding as a mainstream financing option. The lack of specific legal guidelines for various crowdfunding models&mdash;such as equity and debt-based&mdash;creates uncertainty for both entrepreneurs and investors. This regulatory gap increases the risk of fraud and market abuse, which can discourage potential participants from engaging with crowdfunding platforms. To tackle the financing challenges that small and medium-sized enterprises (SMEs) face during early development stages, the Georgian Innovation and Technology Agency (GITA) has engaged in close collaboration with technology startups. In response to market demand, GITA prepared draft amendments to the Georgian Law &ldquo;On Securities Market,&rdquo; aiming to introduce and regulate new loan- and equity-based crowdfunding mechanisms. Although these amendments were intended for parliamentary approval in 2017, they have yet to be adopted. It is notable that, unlike equity or debt-based crowdfunding, donation- and reward-based models do not require regulatory or legislative modifications to function effectively.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">In Georgia, there is a historical preference for more traditional forms of finance, and the public may be skeptical of new financial mechanisms. The lack of trust in online transactions and unfamiliarity with digital financial platforms can further inhibit the adoption of crowdfunding.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">In Georgia, crowdfunding remains a relatively unfamiliar concept, with limited public and business community awareness regarding its potential benefits and how it operates. Furthermore, low financial literacy levels add to the challenges facing crowdfunding's growth, as many potential investors and entrepreneurs may not have the necessary knowledge to use these platforms effectively.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Financial literacy is a crucial component in developing any financial ecosystem, especially in emerging economies like Georgia. The level of financial literacy among business owners significantly influences their ability to access alternative funding sources, including crowdfunding. However, the findings from a recent survey conducted by the National Bank of Georgia in 2021 reveal that there is room for substantial improvement in the financial knowledge, behavior, and attitudes of micro, small, and medium-sized enterprises (MSMEs) across the country<a style="mso-footnote-id: ftn1;" title="" href="file:///C:/Users/l.chaduneli/Desktop/Lika%20Chaduneli/%E1%83%9F%E1%83%A3%E1%83%A0%E1%83%9C%E1%83%90%E1%83%9A%E1%83%98/2025%20-1/FINAL/2.%20%E1%83%A8%E1%83%90%E1%83%9A%E1%83%95%E1%83%90%20%E1%83%9D%E1%83%97%E1%83%90%E1%83%9C%E1%83%90%E1%83%AB%E1%83%94%2019%20-%2038.docx#_ftn1" name="_ftnref1"><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!-- [if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-fareast-font-family: Arial; mso-ansi-language: EN-GB; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">[1]</span></span><!--[endif]--></span></span></a>.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">The study indicates that the overall financial literacy score for Georgian MSMEs is 10 out of 17, reflecting a moderate level of understanding and skills in financial management. This score comprises three components: financial knowledge (3.1 out of 5), financial behavior (5.6 out of 9), and financial attitudes (1.6 out of 3). Notably, businesses in Tbilisi tend to demonstrate higher financial literacy levels compared to those in other regions, underscoring a regional disparity in financial education.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Awareness of traditional financial products, such as property insurance, micro-credit, and bank loans, is relatively high among business owners, with over 90% familiarity. However, there is a significant gap in the understanding and using alternative financing mechanisms. For instance, awareness of angel investment stands at only 19%, venture capital at 14%, and crowdfunding/peer-to-peer lending at a mere 7%. Moreover, the actual usage of these alternative financing options remains extremely limited. This lack of familiarity and engagement with non-traditional financial products hinders the potential growth and diversification of funding sources for Georgian entrepreneurs.</span></p> <h1 style="margin-left: 18.75pt; text-indent: -18.75pt; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><strong><span lang="EN-GB" style="font-size: 14.0pt; mso-bidi-font-size: 24.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman';"><span style="mso-list: Ignore;">6.<span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="EN-GB" style="font-size: 14.0pt; mso-bidi-font-size: 24.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial;">Comparison with Lithuania </span></strong></h1> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Lithuania ranks third in Europe for the amount of funds raised and the number of crowdfunding platforms, following Germany and France. Prior to the implementation of common EU crowdfunding regulations, Lithuania had 23 crowdfunding platform operators; currently, only 12 remain active.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Crowdfunding is gaining importance as an alternative source of business financing. According to the Bank of Lithuania, crowdfunding platforms raised a total of &euro;230.2 million in 2023, representing a 42.9% increase compared to 2022. A total of 591,200 transactions were completed, a slight decrease of 4.35% from the previous year, while the number of funded projects rose by 2.6% to 2,788. During this period, project owners delayed payments to investors totaling over &euro;12 million.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Between 2020 and 2023, the funds raised through CF platforms in Lithuania increased from approximately EUR 39 million to EUR 230 million, while the number of transactions rose from around 150,000 to over 600,000. (Figure 4)</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">In Lithuania, the regulatory framework for crowdfunding platform operators (CPOs) is comprehensive, ensuring that only authorized entities may offer </span><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: 'Times New Roman';">CF</span><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';"> services. The Bank of Lithuania oversees the registration and compliance of CPOs by maintaining a Public List, where only listed entities are allowed to operate legally. Applicants must submit detailed documentation demonstrating readiness to comply with regulatory standards to be included in this list. These standards focus on safeguarding project financiers by ensuring that CPOs operate transparently and adhere to prudential requirements.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><strong><span lang="EN-GB" style="font-family: 'Times New Roman','serif';">Figure 4. Crowdfunding Volumes in Lithuania (2017&ndash;2023)</span></strong></p> <p class="MsoNormal" style="text-align: justify;"><img src="data:image/png;base64,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" alt="" /></p> <p class="MsoNormal"><em style="mso-bidi-font-style: normal;"><span lang="EN-GB" style="font-family: 'Times New Roman','serif';">Source:</span></em><span lang="EN-GB" style="font-family: 'Times New Roman','serif';"> <em style="mso-bidi-font-style: normal;">Diagram created by the author based on data from the LenderKit.</em></span></p> <p class="MsoNormal" style="text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Lithuania&rsquo;s crowdfunding market shows potential for growth due to regulatory support, government promotion, and technological advancements. However, it faces challenges from economic conditions (like high deposit interest rates) and low financial literacy, which limit market participation. Increasing government involvement and financial education could mitigate these barriers, encouraging broader adoption and positioning crowdfunding as a mainstream financing tool for SMEs.</span></p> <h1 style="margin-left: 18.75pt; text-indent: -18.75pt; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><strong><span lang="EN-GB" style="font-size: 14.0pt; mso-bidi-font-size: 24.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman';"><span style="mso-list: Ignore;">7.<span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="EN-GB" style="font-size: 14.0pt; mso-bidi-font-size: 24.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Conclusion</span></strong></h1> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">The crowdfunding ecosystem presents transformative opportunities for SME financing in Georgia, yet its development is hindered by structural barriers deeply rooted in the country&rsquo;s financial history. Like many Eastern European and post-Soviet states, Georgia&rsquo;s financial sector has been heavily dominated by banks, which emerged from the foundations of former state-owned institutions. This dominance has created a monopolistic environment, limiting the growth of alternative financing mechanisms and reducing opportunities for diverse financial players to thrive.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Lithuania offers a compelling counterpoint. By actively fostering competition within its financial market and implementing strategic regulations like the ECSP Regulation, Lithuania has succeeded in creating an inclusive and dynamic crowdfunding ecosystem. As a result, the availability of alternative financial resources in Lithuania has expanded significantly, enabling the SME sector to grow rapidly and contribute meaningfully to economic development. This contrast underscores the importance of regulatory and institutional frameworks in shaping financial ecosystems and fostering innovation.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">In Georgia, the lack of a dedicated regulatory framework for equity- and debt-based crowdfunding, coupled with low financial literacy and limited public awareness, has stifled the growth of this promising financing model. While platforms such as Orbeliani and InvestMe have attempted to introduce crowdfunding mechanisms, these efforts remain fragmented and insufficient to meet the needs of the SME sector. The absence of clear legal support further exacerbates the risks for entrepreneurs and investors, discouraging participation in crowdfunding initiatives.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">To address these challenges, Georgia must adopt a multi-pronged strategy. Policymakers should prioritize the establishment of a robust regulatory framework for crowdfunding that not only encourages innovation but also protects investors and entrepreneurs from potential risks. Additionally, targeted efforts to enhance financial literacy and public awareness are critical for fostering a culture of trust and participation in alternative financing mechanisms.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Lithuania's success demonstrates that a well-regulated and inclusive crowdfunding ecosystem can catalyze SME growth, driving innovation and economic development. By adopting best practices and tailoring them to its unique economic and cultural context, Georgia can unlock crowdfunding's potential to diversify its financial ecosystem and empower its entrepreneurial community.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; line-height: 115%; font-family: 'Times New Roman','serif';">Future research should focus on collecting detailed longitudinal data on SME financing trends and crowdfunding awareness in Georgia. Comparative studies exploring the impact of regulatory changes in similar economies would also provide valuable insights into the pathways for advancing crowdfunding adoption. These efforts will be essential for creating a financial ecosystem that supports sustainable SME growth and positions Georgia as a regional leader in alternative financing.</span></p> <h1><span lang="EN-GB" style="font-size: 14.0pt; mso-bidi-font-size: 24.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; color: black; mso-themecolor: text1;">Bibliography</span></h1> <p class="MsoBibliography" style="text-indent: -.25in; line-height: 107%; mso-list: l0 level1 lfo1; margin: 0in 0in 8.0pt .5in;"><!-- [if !supportLists]--><span lang="EN-GB" style="mso-bidi-font-size: 12.0pt; line-height: 107%; mso-no-proof: yes;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><!-- [if supportFields]><span style='font-family: "Calibri","sans-serif";mso-fareast-font-family:Calibri;mso-bidi-font-family: "Times New Roman";mso-ansi-language:EN-US'><span style='mso-element:field-begin'></span></span><span lang=EN-GB><span style='mso-spacerun:yes'> </span>BIBLIOGRAPHY </span><span style='font-family:"Calibri","sans-serif";mso-fareast-font-family:Calibri; mso-bidi-font-family:"Times New Roman";mso-ansi-language:EN-US'><span style='mso-element:field-separator'></span></span><![endif]--><span lang="EN-GB" style="mso-no-proof: yes;">Juwita, O., &amp; Isnanto, R. 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Crowdfunding Prospects in New Emerging Markets: The Cases of India and Bangladesh.</span></p> <p class="MsoBibliography" style="text-indent: -.25in; line-height: 107%; mso-list: l0 level1 lfo1; margin: 0in 0in 8.0pt .5in;"><!-- [if !supportLists]--><span lang="EN-GB" style="mso-bidi-font-size: 12.0pt; line-height: 107%; mso-no-proof: yes;"><span style="mso-list: Ignore;">26.<span style="font: 7.0pt 'Times New Roman';">&nbsp; </span></span></span><!--[endif]--><span lang="EN-GB" style="mso-no-proof: yes;">Terrat, S. (2023). Investment Crowdfunding.</span></p> <p class="MsoBibliography" style="text-indent: -.25in; line-height: 107%; mso-list: l0 level1 lfo1; margin: 0in 0in 8.0pt .5in;"><!-- [if !supportLists]--><span lang="EN-GB" style="mso-bidi-font-size: 12.0pt; line-height: 107%; mso-no-proof: yes;"><span style="mso-list: Ignore;">27.<span style="font: 7.0pt 'Times New Roman';">&nbsp; </span></span></span><!--[endif]--><span lang="EN-GB" style="mso-no-proof: yes;">THE USAID ECONOMIC GOVERNANCE PROGRAM. (2021). <em>EQUITY CROWDFUNDING REGULATION &ndash; INTERNATIONAL BEST PRACTICE OVERVIEW.</em> </span></p> <p class="MsoBibliography" style="text-indent: -.25in; line-height: 107%; mso-list: l0 level1 lfo1; margin: 0in 0in 8.0pt .5in;"><!-- [if !supportLists]--><span lang="EN-GB" style="mso-bidi-font-size: 12.0pt; line-height: 107%; mso-no-proof: yes;"><span style="mso-list: Ignore;">28.<span style="font: 7.0pt 'Times New Roman';">&nbsp; </span></span></span><!--[endif]--><span lang="EN-GB" style="mso-no-proof: yes;">Tian, J., Wei, J., Fan, W., &amp; Wang, Y. (2024). 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Crowd funding as an alternative for new ventures funding in emerging countries.</span></p> <p class="MsoNormal"><!-- [if supportFields]><b><span lang=EN-GB style='mso-no-proof:yes'><span style='mso-element:field-end'></span></span></b><![endif]--></p> <div style="mso-element: footnote-list;"><!-- [if !supportFootnotes]--><br clear="all" /><hr align="left" size="1" width="33%" /><!--[endif]--> <div id="ftn1" style="mso-element: footnote;"> <p class="MsoFootnoteText" style="text-align: justify;"><a style="mso-footnote-id: ftn1;" title="" href="file:///C:/Users/l.chaduneli/Desktop/Lika%20Chaduneli/%E1%83%9F%E1%83%A3%E1%83%A0%E1%83%9C%E1%83%90%E1%83%9A%E1%83%98/2025%20-1/FINAL/2.%20%E1%83%A8%E1%83%90%E1%83%9A%E1%83%95%E1%83%90%20%E1%83%9D%E1%83%97%E1%83%90%E1%83%9C%E1%83%90%E1%83%AB%E1%83%94%2019%20-%2038.docx#_ftnref1" name="_ftn1"><span class="MsoFootnoteReference"><span lang="EN-GB"><span style="mso-special-character: footnote;"><!-- [if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-GB" style="font-size: 10.0pt; line-height: 115%; font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">[1]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB"> Financial Literacy Study of MSMEs, Report of Quantitative Research, August 2021; Survey instrument was developed by OECD/INFE to measure the financial literacy of MSMEs. The study is organized by the National Bank of Georgia and Financial Education Portal - Finedu with the financial support of EFSE DF;</span></p> </div> </div>
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ანა ცერაძე
21/03/2025
<div id="ftn1" style="color: #444444; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"> <p class="MsoHeader" style="text-align: left;" align="center"><strong><span lang="EN-GB" style="font-size: 10pt; color: #404040; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">DOI</span></strong><span lang="EN-GB" style="font-size: 10pt; color: #404040; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">: </span><span lang="EN-GB"><a href="https://doi.org/10.55367/LKHA3010"><span style="font-size: 10.0pt;">https://doi.org/10.55367/LKHA3010</span></a></span></p> </div> <hr align="left" size="1" width="33%" /> <div id="ftn1"> <p class="MsoFootnoteText"><a title="" href="file:///C:/Users/l.chaduneli/Desktop/Lika%20Chaduneli/%E1%83%9F%E1%83%A3%E1%83%A0%E1%83%9C%E1%83%90%E1%83%9A%E1%83%98/2025%20-1/FINAL/2.%20%E1%83%A8%E1%83%90%E1%83%9A%E1%83%95%E1%83%90%20%E1%83%9D%E1%83%97%E1%83%90%E1%83%9C%E1%83%90%E1%83%AB%E1%83%94%2019%20-%2038.docx#_ftnref1" name="_ftn1"><span class="MsoFootnoteReference"><span lang="EN-GB"><span class="MsoFootnoteReference"><span lang="EN-GB" style="font-size: 10.0pt; line-height: 115%; font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">[1]</span></span></span></span></a><span class="MsoFootnoteReference"><span lang="EN-GB"><span class="MsoFootnoteReference"><span lang="EN-GB" style="font-size: 10.0pt; line-height: 115%; font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">&nbsp;Visiting Professor, Georgian Technical University, PhD student of CIU</span><span lang="EN-GB" style="font-size: 10.0pt; line-height: 115%; font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"><span style="color: #404040; font-family: Times New Roman, serif;">. </span><span style="color: #404040; font-family: Times New Roman, serif;"><span style="font-family: Arial, sans-serif;">aceradze@gmail.ge</span></span></span></span></span></span></p> </div> <p class="MsoNormal" style="line-height: 115%;"><strong style="mso-bidi-font-weight: normal;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; color: #404040; mso-themecolor: text1; mso-themetint: 191;"><span style="mso-spacerun: yes;">&nbsp;&nbsp; </span>A B S T R A C T</span></strong></p> <p class="MsoNormal" style="text-align: justify; line-height: normal;"><span lang="GEO/KAT" style="font-size: 12.0pt; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; color: #404040; mso-themecolor: text1; mso-themetint: 191; mso-ansi-language: 'GEO\/KAT'; mso-bidi-font-weight: bold;">This article is devoted to determining the legal nature and essence of common property, where this institution originates from, and what its legal nature is in modern law. The article discusses the types of common property, distinguishes between joint and shared property rights, as well as key issues related to common property that concern the management of shared property and the procedure for disposing of shared property. </span></p> <p class="MsoNormal" style="text-align: justify; line-height: normal;"><span lang="GEO/KAT" style="font-size: 12.0pt; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; color: #404040; mso-themecolor: text1; mso-themetint: 191; mso-ansi-language: 'GEO\/KAT'; mso-bidi-font-weight: bold;">As for the common property of spouses, in order to protect the share of both spouses in the real estate jointly owned by the spouses, it is advisable to register these shares in the name of both spouses in the public registry; only in this way it shall become known to any, including bona fide third parties, that the property is a common property of the spouses and not the individual property of one of the spouses.</span></p> <p class="MsoNormal" style="text-align: justify; line-height: normal;"><span lang="GEO/KAT" style="font-size: 12.0pt; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; color: #404040; mso-themecolor: text1; mso-themetint: 191; mso-ansi-language: 'GEO\/KAT'; mso-bidi-font-weight: bold;">The article pays special attention to the plurality of subjects determined by common property and their rights and obligations, the manifestation of legal problems caused by the common property of persons with fractional and co-ownership rights in common property and the search for ways to solve them. The interest in the issue under discussion is also due to the fact that similar legal problems were also observed in the civil legislation of the Roman-Germanic countries. Accordingly, the area of interest of the mentioned article is the study of the legislation of both Georgian and foreign countries and the characterization of the legal nature of common property, which is important both from the point of view of scientific accuracy and practicality.</span></p> <p class="MsoNormal" style="text-align: justify; line-height: normal;"><strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><span lang="EN-GB" style="font-size: 12.0pt; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; color: #404040; mso-themecolor: text1; mso-themetint: 191;">Keywords:</span></em></strong> <em style="mso-bidi-font-style: normal;"><span style="font-size: 12.0pt; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; color: #404040; mso-themecolor: text1; mso-themetint: 191; mso-ansi-language: EN-US; mso-bidi-font-weight: bold;">Common ownership, Joint ownership, Shared ownership.</span></em><strong><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT'; mso-no-proof: yes;">&nbsp;</span></strong><strong><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT'; mso-no-proof: yes;">&nbsp;</span></strong><strong><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT'; mso-no-proof: yes;">&nbsp;</span></strong></p> <p class="MsoNormal"><strong style="mso-bidi-font-weight: normal;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191; mso-ansi-language: 'GEO\/KAT';">ა ბ ს ტ რ ა ქ ტ ი</span></strong></p> <p class="MsoNormal" style="text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">წინამდებარე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სტატია</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ეძღვნება</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საერთო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საკუთრების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სამართლებრივი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ბუნებისა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">არსის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დადგენას</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">იმას</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">თუ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საიდან</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">იღებს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">აღნიშნული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ინსტიტუტი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სათავეს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">როგორია</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მისი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სამართლებრივი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ბუნება</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">თანამედროვე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სამართალში</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">. </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სტატიაში</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">განხილულია</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საერთო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საკუთრების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სახეები</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გამიჯნულია</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">თანაზიარი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საზიარო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საკუთრების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">უფლებები</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ასევე</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;"><span style="mso-spacerun: yes;">&nbsp; </span></span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საერთო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საკუთრებასთან</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაკავშირებული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ისეთი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საკვანძო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საკითხები</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რომლებიც</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ეხება</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საზიარო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საგნის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მართვასა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საზიარო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საგნის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">განკარგვის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">წესს</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">. </span></p> <p class="MsoNormal" style="text-align: justify;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რაც</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">შეეხება</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მეუღლეთა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საერთო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საკუთრებას</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">იმისათვის</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რომ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მეუღლეთა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">თანასაკუთრებაში</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">არსებულ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">უძრავ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ნივთებზე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დაცული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">იყოს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ორივე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მეუღლის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">წილი</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მიზანშეწონილია</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ამ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">წილების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ორივე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მეუღლის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სახელზე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">აღრიცხვა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საჯარო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რეესტრში</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">; </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მხოლოდ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ამ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გზით</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გახდება</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ნებისმიერი</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მათ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">შორის</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">კეთილსინდისიერი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მესამე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">პირისათვის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ცნობილი</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რომ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სახეზეა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მეუღლეთა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საერთო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">არა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ერთ</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">-</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ერთი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მეუღლის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ინდივიდუალური</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საკუთრება</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">. </span></p> <p class="MsoNormal" style="text-align: justify; border: none; mso-padding-alt: 31.0pt 31.0pt 31.0pt 31.0pt; mso-border-shadow: yes;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სტატიაში</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">განსაკუთრებული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ყურადღება</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ეთმობა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საერთო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საკუთრებით</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">განპირობებულ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სუბიექტთა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სიმრავლეს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მათ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">უფლება</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">-</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მოვალეობებს</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საერთო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ქონებაში</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">წილადი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">თანაზიარი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საკუთრების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">უფლების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მქონე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">პირთა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საერთო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ქონებით</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გამოწვეულ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სამართლებრივი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">პრობლემების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გამოვლინებას</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მათი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გადაჭრის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გზების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მოძიებას</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">. </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">განსახილველი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საკითხისადმი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ინტერესი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">განპირობებულია</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">იმითაც</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რომ</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ანალოგიური</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სამართლებრივი</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">პრობლემები</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">იკვეთა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რომანულ</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">-</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">გერმანული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ქვეყნების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სამოქალაქო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">კონონმდებლობაშიც</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">. </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">შესაბამისად</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">აღნიშნული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სტატიის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ინტერესის</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სფეროს</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">წარმოადგენს</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">როგორც</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ქართული</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ისე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">უცხო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ქვეყნების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">კანონმდებლობების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">შესწავლა</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">და</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საერთო</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">საკუთრების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">იურიდიული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ბუნების</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">დახასიათება</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">რაც</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მნიშვნელოვანია</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">როგორც</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">მეცნიერული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">სიზუსტის</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">, </span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">ასევე</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">პრაქტიკული</span> <span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; color: #404040; mso-themecolor: text1; mso-themetint: 191;">თვალსაზრისით</span><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; color: #404040; mso-themecolor: text1; mso-themetint: 191;">.</span><strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; color: #404040; mso-themecolor: text1; mso-themetint: 191;"><span style="mso-spacerun: yes;">&nbsp;</span></span></em></strong></p> <p class="MsoNormal" style="border: none; mso-padding-alt: 31.0pt 31.0pt 31.0pt 31.0pt; mso-border-shadow: yes;"><strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191; mso-ansi-language: 'GEO\/KAT';">საკვანძო სიტყვები: </span></em></strong><em style="mso-bidi-font-style: normal;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; color: #404040; mso-themecolor: text1; mso-themetint: 191; mso-ansi-language: 'GEO\/KAT'; mso-bidi-font-weight: bold;">საერთო საკუთრება, წილადი საკუთრება, თანაზიარი საკუთრება.</span></em></p> <h1 style="text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo1; margin: 12.0pt 0in .0001pt .25in;"><a name="_Toc141712890"></a><!-- [if !supportLists]--><strong><span lang="GEO/KAT" style="font-size: 14.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';"><span style="mso-list: Ignore;">1.<span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp; </span></span></span><!--[endif]--></strong><span lang="GEO/KAT" style="font-size: 14.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"><strong>შესავალი</strong></span></h1> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ინდივიდუალური</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">და</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საერთო</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საკუთრების</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საკითხი</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ყოველთვის</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საინტერესო</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">და</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">აქტუალურია</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">, </span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">როგორც</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ეკონომიკის</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">, </span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ისე</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">სამართლის</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">მეცნიერების</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">თვალსაზრისით</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">. </span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ინდივიდუალური</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საკუთრება</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საერთო</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საკუთრებასთან</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">შედარებით</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">უფრო</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">პრაქტიკული</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">და</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">მდგრადია</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">. </span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">დგინდება</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">, </span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">რომ</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საერთო</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საკუთრების</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საკითხი</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ჯერ</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">კიდევ</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">პრობლემურია</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">და</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საჭიროებს</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">სამართლებრივ</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">რეგულირებას</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">. </span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">კერძოდ</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">, </span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">პასუხი</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">, </span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">უნდა</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">გაეცეს</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">შემდეგ</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">კითხვას</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">: </span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">როგორია</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საერთო</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საკუთრებისა</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">და</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საზიარო</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">უფლებებს</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';"><span style="mso-spacerun: yes;">&nbsp; </span></span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">შორის</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">მიმართება</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">და</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">სად</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">არის</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ამ</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">უკანასკნელის</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ადგილი</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">სამოქალაქო</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">სამართლის</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">სისტემაში</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">? </span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ამ</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საკითხთან</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';"><span style="mso-spacerun: yes;">&nbsp; </span></span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">დაკავშირებით</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">იურიდიულ</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">მეცნიერებაში</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">სხვადასხვა</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">მოსაზრება</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">არსებობს</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">. </span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საქართველოს</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">სამოქალაქო</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">კოდექსის</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">სანივთო</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">სამართლის</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საკუთრების</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">თავში</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">შემავალი</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საერთო</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საკუთრების</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ნორმატიული</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">მასალა</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">გერმანული</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">სამართლის</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ზეგავლენას</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">განიცდის</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">. </span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საერთო</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საკუთრება</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">წარმოიშობა</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">სხვადასხვა</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საფუძვლით</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';"> : </span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ქორწინებით</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">, </span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ერთობლივი</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საქმიანობით</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">, </span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">მემკვიდრეობით</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">, </span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ნივთის</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ერთობლივი</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">შეძენით</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">, </span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">მასალის</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">გადამუშავებითა</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">და</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ა</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">.</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">შ</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">.<span style="mso-spacerun: yes;">&nbsp; </span></span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ჩამოთვლილთაგან</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ყველა</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">თავისებური</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">სამართლებრივი</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">წესით</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ხასიათდება</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">. </span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">კვლევის</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">მიზანს</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">წარმოადგენს</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საერთო</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საკუთრების</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">არსისა</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">და</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">იურიდუილი</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ბუნების</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">დადგენა</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">, </span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">აგრეთვე</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საერთო</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საკუთრების</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საკითხებზე</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">არსებული</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">პრობლემების</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">გამოვლენა</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">და</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">მათი</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';"><span style="mso-spacerun: yes;">&nbsp; </span></span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">გადაჭრის</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">გზების</span></span> <span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">მოძიება</span></span><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; mso-ansi-language: 'GEO\/KAT';">.</span></span></p> <h1 style="text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo1; margin: 12.0pt 0in .0001pt .25in;"><span style="mso-bookmark: _Toc141712890;"><!-- [if !supportLists]--><strong><span lang="EN-GB" style="font-size: 14.0pt; mso-bidi-font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen;"><span style="mso-list: Ignore;">2.<span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="EN-GB" style="font-size: 14.0pt; mso-bidi-font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen;">მასალები</span></strong></span><strong> <span style="mso-bookmark: _Toc141712890;"><span lang="EN-GB" style="font-size: 14.0pt; mso-bidi-font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen;">და</span></span> </strong><span style="mso-bookmark: _Toc141712890;"><span lang="EN-GB" style="font-size: 14.0pt; mso-bidi-font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen;"><strong>მეთოდები</strong></span></span></h1> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">წინამდებარე სტატია ეყრდნობა როგორც ქართულ, ისე უცხო ქვეყნების კანონმდებლობის ანალიზს. კერძოდ: ესტონეთის, მოლდოვას, გერმანიის, ჩეხეთის, ნიდერლანდების, შვედეთის, კვებეკის,იტალიის სამოქალაქო კოდექსებს. სტატიაზე მუშაობისას გამოყენულ იქნა ქართული და უხცოენოვანი სამეცნიერო ლიტერატურა, ასევე გაანალიზებული იქნა სამართლის სფეროს ქართველ და უცხოელ მეცნიერთა მოსაზრებები და მიდგომები საკლევ საკითხთან დაკავშირებით.</span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">რაც შეეხება კვლევის მეთოდოლოგიას, საკითხის სრულყოფილი შესწავლის მიზნით, <span style="mso-spacerun: yes;">&nbsp;</span>გამოყენებულ იქნა შემდეგი მეთოდები: ისტორიული, ფორმალურ-ლოგიკური და შედარებით-სამართლებრივი კვლევის მეთოდები. უკანასკნელის მეშვეობით, განხორციელდა საქართველოს კანონმდებლობის შედარება ესტონეთის, მოლდოვას, გერმანიის, ჩეხეთის, ნიდერლანდების, შვედეთის, კვებეკის,იტალიის სამოქალაქო კანონმდებლობასთან მსგავსება - განსხვავების გამოვლენის მიზნით. აღნიშნული მეთოდების გამოყენებით სტატიაში წარმოდგენილ იქნა ხედვა საერთო საკუთრების პრობლემატურ საკითხებთან დაკავშირებით და შემუშავდა გარკვეული რეკომენდაციები.</span></span></p> <p class="MsoListParagraph" style="margin-left: .25in; mso-add-space: auto; text-indent: -.25in; mso-list: l1 level1 lfo1;"><span style="mso-bookmark: _Toc141712890;"><!-- [if !supportLists]--><strong><span lang="GEO/KAT" style="font-size: 14.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';"><span style="mso-list: Ignore;">3.<span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 14.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Arial; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">შედეგების განხილვა</span></strong></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; mso-bidi-font-size: 14.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საკვლევი თემის შედეგად იდენტიფიცირებული იქნა შემდეგი:</span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; mso-bidi-font-size: 14.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">- გამოირკვა საერთო საკუთრების წარმოშობის საფუძვლები;</span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; mso-bidi-font-size: 14.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">- ხაზი გაესვა საერთო საკუთრების როლს და მნიშვნელობას ქართულ კანონმდებლობაში;</span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; mso-bidi-font-size: 14.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">- შესწავლილ იქნა საერთო საკუთრების ინსტიტუტი ქართულ და უცხო ქვეყნების კანონმდებლობაში;</span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; mso-bidi-font-size: 14.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">- განხილულ იქნა წილადი და თანაზიარი საერთო საკუთრება;</span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; mso-bidi-font-size: 14.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">- ერთმანეთისგან გაიმიჯნა თანაზიარი საკუთრება და საზიარო უფლები</span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; mso-bidi-font-size: 14.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ნაშრომის მეცნიერულ სიახლეას წარმოადგენს საერთო საკუთრების ინსტიტუტის როლის წარმოჩენა ქართულ სამართალში და მისი ადგილი სამოქალაქო კოდექსის სისტემაში. ერთ-ერთი მნიშვნელოვანი საკითხი, რომელიც განხილულ იქნა ნაშრომში, ეხება სამოქალაქო კოდექსის კოდიფიკაციას და საზიარო უფლებების ერთ სივრცეში მოთავსებას, კერძოდ, სანივთო (ქონებრივი) სამართლის მესამე კარში, სადაც მოთავსებულია საკუთრებასთან დაკავშირებული მუხლები.</span></span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span style="mso-bookmark: _Toc141712890;"><span lang="GEO/KAT" style="font-size: 12.0pt; mso-bidi-font-size: 14.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">აღნიშნული საკითხების საკვლევად გამოყენებულია სხვადასხვა სამართლის დოქტრინა და სამეცნიერო ლიტერატურა. კვლევის შედეგები გაამდიდრებს და სიახლეს შესძენს აღნიშნულ თემაზე შექმნილ სამეცნიერო ნაშრომებს. ჩატარებული კვლევა აკადემიურ და პრაქტიკულ დახმარებას გაუწევს და ხელს შეუწყობს სამართლის დარგით დაინტერესებულ სტუდენტებს ცოდნის გაღრმავებაში, ასევე საინტერესო იქნება ამ საკითხით დაინტერესებული სხვა პირებისათვის.</span></span></p> <h2><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"><strong>3.1 საერთო საკუთრების წარმოშობის საფუძვლები</strong></span></h2> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">საერთო</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> საკუთრება სათავეს იღებს რომის სამართლიდან, სადაც მას communion (კომუნიო) ეწოდებოდა. თითოეული მესაკუთრე იყო ნივთის თანამფლობელი, რაც ნიშნავდა, რომ მას ეკუთვნოდა ნივთზე საკუთრების უფლების წილი. ბუნებრივია, რომ ერთ-ერთი მესაკუთრის გამოკლებით, ფართოვდებოდა სხვა თანამესაკუთრეთა საკუთრების უფლება.</span><span style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: EN-US;"> (</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">მეტრეველი, 2009</span><span style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: EN-US;">, </span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">გვ. 66)</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">სამოქალაქო</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> კოდექსში საერთო საკუთრებას ეთმობა 173-ე მუხლი. სავარაუდოდ, კანონმდებლის ლაკონიზმი იმით არის გამოწვეული, რომ სამოქალაქო კოდექსი შემუშავდა საბჭოთა კავშირის დაშლის და საქართველოს დამოუკიდებლობის მიღების შემდეგ. როგორც ცნობილია, საბჭოთა კავშირში საკუთრება წარმოდგენილი იყო სამი ფორმით: სახელმწიფო (სახალხო), კოლექტიურ-კოოპერატიული და პროფკავშირულ-საზოგადოებრივი. სამივე ფორმა პრიორიტეტით სარგებლობდა<span style="mso-spacerun: yes;">&nbsp; </span>პირად საკუთრებასთან მიმართებით, მომდინარეობდა სოციალური საკუთრებიდან და უნდა ეარსება ,, კომუნიზმის უმაღესი ფაზის დაწყებამდე&rsquo;&rsquo;. საბჭოთა კავშირის პერიოდში სოციალისტური საკუთრება უფრო დაცული იყო, ვიდრე პირადი საკუთრება. საკუთრების ფორმებად დაყოფა ეფუძნებოდა სამართლის სხვადასხვა სუბიექტისათვის არსებულ არაეთგვაროვან სამართლებრივ რეჟიმს. გერმანული კანონმდებლობის რეცეფციისას საქართველომ, პოსტსაბჭთა მრავალი ქვეყნისგან განსხვავებით, უარი განაცხადა საკუთრების ფორმებად დაყოფაზე (</span><span lang="GEO/KAT" style="font-family: 'Cambria','serif'; mso-bidi-font-family: Cambria; mso-ansi-language: 'GEO\/KAT';">Курзински</span><span lang="GEO/KAT" style="font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">-</span><span lang="GEO/KAT" style="font-family: 'Cambria','serif'; mso-bidi-font-family: Cambria; mso-ansi-language: 'GEO\/KAT';">Сингер</span><span lang="GEO/KAT" style="font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">, </span><span lang="GEO/KAT" style="font-family: 'Cambria','serif'; mso-bidi-font-family: Cambria; mso-ansi-language: 'GEO\/KAT';">Зарандия</span><span lang="GEO/KAT" style="font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">, 2012, </span><span lang="GEO/KAT" style="font-family: 'Cambria','serif'; mso-bidi-font-family: Cambria; mso-ansi-language: 'GEO\/KAT';">с</span><span lang="GEO/KAT" style="font-family: 'Times New Roman','serif'; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">.224).</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> 1995 წლიდან, საქართველოს კონსტიტუციით, შემდეგ კი სამოქალაქო კოდექსით, ხაზი გაესვა საკუთრების უფლების მნიშვნელობას და განისაზღვრა მისი სახეები (შოთაძე, 2017, გვ.131). სამოქალაქო საამართალში გაბატონდა პრინციპი - საკუთრება ერთიანია ყველა მესაკუთრისათვის, ყველა მესაკუთრე თანასწორია საკუთრების წინაშე (ზოიძე, 2003, გვ.81).</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">საქართველოს</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> სამოქალაქო კოდექსი გამოყოფს საერთო საკუთრების წარმოშობის საფუძვლებს, კერძოდ : საერთო საკუთრება, ისევე როგორც საკუთრების უფლება, წარმოიშობა კანონის ძალით ან გარიგების საფუძველზე. საერთო საკუთრება, რომელიც კანონის საფუძველზე წარმოიქნება, ეყრდნობა კანონით დადგენილ ფაქტობრივ გარემოებებს და ბუნებრივია, რომ თანამესაკუთრეების წილიც კანონით არის განსაზღვრული. რაც შეეხება გარიგების საფუძველზე წარმოშობილ საერთო საკუთრებას, მას საფუძლად უდევს ამ გარიგებაში მონაწილეთა ნება და არა კანონი. ამასთან სკ-ის 173-ე მუხლით დადგენილი საერთო საკუთრების წარმოშობის საფუძველი არ შეიძლება თანაბრად ვრცელდებოდეს საერთო საკუთრების ორივე სახეზე. სახელდობრ, თანაზიარი საკუთრება მარტოოდენ კანონის ძალით, კანონის საფუძველზე წარმოიშობა, წილადი საკუთრება კი - როგორც კანონის, ისე გარიგების საფუძველზე, ასევე ვალდებულების საგნის განუყოფლობით წარმოიშობა.<span style="mso-spacerun: yes;">&nbsp; </span>საერთო წილადი საკუთრება შეიძლება წარმოიშვას : ცალმხრივი, ორმხრივი და მრავალმხრივი გარიგების საფუძველზე. ანდერძი არის ცალმხრივი გარიგების მეშვეობით საერთო საკუთრების<span style="mso-spacerun: yes;">&nbsp; </span>წარმოშობის<span style="mso-spacerun: yes;">&nbsp; </span>ნათელი მაგალითი. ავიღოთ სხვა მაგალითი:<span style="mso-spacerun: yes;">&nbsp; </span>მამკვიდრებლის გარდაცვალების შემდგომ მისი<span style="mso-spacerun: yes;">&nbsp; </span>დანაშთი ქონება უნდა განაწილდეს მემკვიდრეებზე თანამემკვიდრეთა წილის მითითების გარეშე. ორმხრივი გარიგების საფუძველზე საერთო საკუთრება შეიძლება წარმოიშვას ნივთის ერთობლივი შეძენით, ერთობლივი საქმიანობის შედეგად და ა.შ. ამ შემთხვევაში თანამესაკუთრეების წილი განისაზღვრება შეთანხმებით. მრავალმხრივი გარიგების საფუძველზე საერთო საკუთრების წარმოშობა შესაძლებელია ერთობლივი საქმიანობის (ამხანაგობის) ხელშეკრულებით (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">შოთაძე, 2017, გვ.133)</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">ამგვარად</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">, ზემოთ განხილულიდან გამომდინარე, კანონისმიერი და გარიგებისმიერი საზიარო უფლებების წარმოშობის საფუძვლები განსხვავდება ერთმანეთისაგან მხოლოდ იმით, რომ საერთო საკუთრების წილის შეძენა ერთ შემთხვევაში ხდება კანონის ძალით, ხოლო მეორე შემთხვევაში გარიგების საფუძველზე. კანონის საფუძველზე საზიარო უფლების წარმოშობა სახეზეა, როდესაც უფლება საზიარო უფლების სახით რჩება, ხოლო გარიგებისმიერი საფუძვლები სახეზეა, როდესაც უფლება რამდენიმე პირისათვის გადაცემის გზით იდეალურად არის გაყოფილი, ან როდესაც უფლება გარიგების საფუძველზე, საზიარო უფლების სახით წარმოიშობა (</span><span lang="EN-GB" style="font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen;">ზარანდია</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">, 2022, გვ. 25)</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">საყურადღებოა</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> და პრაქტიკული მნიშვნელობისაა შემდეგი საკითხიც: საერთო საკუთრების მიმართ ერთნაირი სამართლებრივი რეჟიმი როდი გამოიყენება. აღნიშნულზე მეტყველებს სამოქალაქო კოდექსის დანაწესი. მაგალითად, საერთო საკუთრება კანონის ძალით მრავალბინიან სახლებშიც წარმოიშობა, თუმცა მასზე საზიარო უფლებების მომწესრიგებელი ნორმების გავრცელება დაუშვებელია. </span></p> <h3 style="margin-left: .5in; text-indent: -.5in; mso-list: l0 level3 lfo1;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; mso-bidi-font-size: 14.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">3.1.1<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; mso-bidi-font-size: 14.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">წილადი საკუთრება</span></h3> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">საერთო</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> საკუთრების უფლებაში წილთან დაკავშირებით სამართლის დოქტრინაში გამოყოფილია სამი თეორია, რომლის მიხედვით:</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">,,იდეალური წილი&rsquo;&rsquo; ეწოდება საერთო საკუთრებაში იდეალურად არსებულ ნაწილს, რომელიც გამოხატავს ნივთის წილად მდგომარეობას. რეალურია წილი, რომლის მიხედვით თითოეულ თანამონაწილეს აქვს წილი ქონებაში. მესამე, ,,უფლების წილის&rsquo;&rsquo; თეორიის თანახმად, წილი არის წილი უფლებაში: წილი საკუთრების უფლებასა და წილი ვალდებულებაში.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">საერთო</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> საკუთრების თანაზიარი და წილადი უფლების დასახასიათებლად იურიდიულ ლიტერატურაში გავრცელებულია რეალურ და იდეალურ წილთა ცნებები. რეალურ წილში მოიაზრება ნატურით გამოყოფილი საერთო საკუთრების განსაზღვრული წილი,რომლის გამოყენებაც შეუძლიათ თანამესაკუთრეებს, ხოლო იდეალური წილით განსაზღვრულია წილი, რომელიც ნატურით არ არის გამოხატული და თავისთავად თანამესაკუთრეები ვერ იყენებენ. ზოგადად, წილი შეიძლება გაგებულ იქნეს, როგორც თანამონაწილეობის გამომხატველი კატეგორია, რომლის მიხედვით განისაზღვრება ქონებაზე გასაწევი ხარჯებისა და მოგების ოდენობა. ძალიან მნიშვნელოვანია წილის განსაზღვრა თანამესაკუთრეებისათვის, როდესაც საქმე ეხება ქონების მართვასა და განკარგვის საკითხს (</span><span lang="EN-GB" style="font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen;">ზარანდია</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">, 2022, გვ. 134)</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">წილადი</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> საკუთრების დროს თითოეულ<span style="mso-spacerun: yes;">&nbsp; </span>თანამესაკუთრეს ეკუთვნის განსაზღვრული წილი, რომლის განკარგვის უფლება აქვთ თანამესაკუთრეებს. ამ დროს წილი ქონებაზე წინასწარ არის ცნობილი იდეალური წილის სახით. წილადი საკუთრება მიეკუთვნება გაყოფად უფლებამოსილებას. აქედან გამომდინარე არ არის მართებული ლიტერატურაში არსებული შემდეგი მოსაზრება: წილადი საკუთრების საგანი არის მხოლოდ ცალკეული უფლება, ხოლო საერთო საკუთრების საგანი კი ქონება (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">Fikentscher, Heimemann, 2006, p.66</span><span style="font-family: 'Sylfaen','serif'; mso-ansi-language: EN-US;">5)</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">. როგორც ჩანს აქ ავტორს ერთმანეთში აქვს არეული საერთო საკუთრების უფლება და ამ უფლების ობიექტი. თანაზიარი საკუთრების შემთხვევაში თითოეული მესაკუთრის უფლება ვრცელდება მთელ ქონებაზე და წილის განსაზღვრა ხდება ქონების გაყოფის შემდეგ, მანამდე ივარაუდება, რომ ყველას წილი თანაბარია. საერთო საკუთრებისას საუბარია არა ნივთის შესახებ, ანუ ფიზიკურ წილზე, არამედ ნივთზე საკუთრების იურიდიულ უფლებაში წილის შესახებ. საკუთრება წილადი იქნება თუ თანაზიარი, ამას არა მარტო პიროვნების ნება, არამედ თვით საკუთრების ობიექტის თავისებურება განსაზღვრავს</span> <span style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: EN-US;">(</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საქართველოს სამოქალაქო კოდექსის კომენტარი, 1999, გვ.89-90 ).</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">გერმანულ</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> დოქტრინაში განვითარებულ კლასიკურ თეორიაში განმარტებულია წილის იურიდიული ბუნება. შნაიდერი თეორიებს ყოფს სამ ჯგუფად, რომლებიც ხსნიან წილის არსს. პირველი ჯგუფი აერთიანებს თეორიებს, რომლის მიხედვით რამდენიმე სუბიექტი უპირისპირდება რამდენიმე ობიექტს, ეს არის გაყოფის თეორიები. მეორე ჯგუფი აღიქვამს მესაკუთრეთა სიმრავლეს, როგორც ერთიან სუბიექტს და ეფუძვნება განუყოფლობის იდეას. მესამე ჯგუფი კი ეფუძნება კონკურენციის პრინციპს, რომლის მიხედვით, ყველა მესაკუთრის უფლება შეზღუდულია სხვისი უფლებებით. განუყოფლობის თეორია ემყარება ზოგად აზრს, რომ რეალური დაყოფა უფლებაში წილებად შეუძლებელია (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-bidi-font-family: Cambria; mso-ansi-language: 'GEO\/KAT';">Филатова</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">, 2015, c</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-bidi-font-family: Cambria; mso-ansi-language: 'GEO\/KAT';">т</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">.113 -114)</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">აშშ</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">-ში საერთო საკუთრების სამ ძირითად ფორმას გამოყოფენ: წილობრივი საკუთრება, რომელიც ცნობილია ,,tenancy in common&rsquo;&rsquo;სახელწოდებით, თანაზიარი საკუთრება -,, joint tenancy&rsquo;&rsquo;და მეუღლეების თანასაკუთრება ,,tenancy by the entirety&rsquo;&rsquo;. საერთო საკუთრების სამივე ფორმაში თითოეულ თანამესაკუთრეს აქვს საკუთრების სრული სარგებლობის უფლება. დღესდღეობით ამერიკის შეერთებულ შტატებში უფრო გავრცელებულია წილობრივი საერთო საკუთრება. ეს ერთგვარად დაკავშირებულია იმასთან, რომ აშშ-ში არსებობს წილობრივი საერთო საკუთრების პრეზუმფცია, რაც გულისხმობს, რომ თუ საერთო საკუთრების სახე არ არის მითითებული, ის ითვლება წილობრივად. ,,tenancy in common&rsquo;&rsquo; - ამ ტიპის წილობრივი საერთო საკუთრებისთვის დამახასიათებელია ის, რომ თუ ერთ-ერთი მესაკუთრე გარდაიცვალა მისი წილი მემკვიდრეობით გადადის. უფრო მეტიც, ამ მოდელის გავრცელება აშშ-ში განპირობებულია მისი შეუზღუდავი ბუნებიდან გამომდინარე,<span style="mso-spacerun: yes;">&nbsp; </span>თავისი შეხედულებისამებრ პირებმა განკარგონ წილი საერთო საკუთრებაში. რაც შეეხება საერთო თანაზიარ საკუთრებას, აქ საკუთრებას ფლობს და განკარგავს ყველა თანამესაკუთრე, ყველას აქვს თანაბარი წილი. თუ ერთ-ერთი მესაკუთრე გარდაიცვლება, მისი ქონება გადადის ცოცხალ თანამესაკუთრეზე , რაც დამახასიათებელია survivorship უფლებისათვის (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-bidi-font-family: Cambria; mso-ansi-language: 'GEO\/KAT';">Эвоян</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">, 2018, </span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-bidi-font-family: Cambria; mso-ansi-language: 'GEO\/KAT';">с</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">. 52-53 ).</span></p> <h3 style="margin-left: .5in; text-indent: -.5in; mso-list: l0 level3 lfo1;"><!-- [if !supportLists]--><span style="color: #000000;"><strong><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">3.1.1<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp; </span></span><!--[endif]--></strong><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"><strong>თანაზიარი საკუთრება</strong></span></span></h3> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">მეუღლეთა</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> შორის<span style="mso-spacerun: yes;">&nbsp; </span>ქონებრივ უფლებამოვალეობას წარმოშობს რეგისტრირებული ქორწინება. მეუღლეებს გააჩიათ, როგორც ინდივიდუალური, ისე თანაზიარი საკუთრება, შესაბამისად, მათ შორის ქონებრივი უფლებები იყოფა ინდივიდუალური და თანაზიარი საკუთრების სახით, რომლებიც რეგულირდებიან სამოქალაქო კოდექსის სპეციალური ნორმებით. კერძოდ, 1158-ე მუხლი სპეციალური ნორმაა, რომელიც მეუღლეთა ქონებრივ ურთიერთობას არეგულირებს. ნორმის შინაარსიდან გამომდინარე, ქორწინების დროს შეძენილ ქონებაზე მეუღლეებს წარმოეშობათ თანაზიარი საკუთრების უფლება. ამისათვის აუცილებელია ორი პირობა: მეუღლეებს შორის არ უნდა იყოს დადებული საქორწინო ხელშეკრულება, რომლითაც სხვა რამ არის განსაზღვრული და ერთობლივად უნდა ახორციელებდნენ საოჯახო საქმიანობას, სხვა შემთხვევაში მეუღლეებს არ წარმოეშვებათ საზიარო საკუთრების უფლება. საკუთრების შეძენისას სამოქალაქო კოდექსის 183-ე მუხლის თანახმად,<span style="mso-spacerun: yes;">&nbsp; </span>აუცილებელია ქონების რეგისტრაცია საჯარო რეესტრში. მეუღლეთა მიერ თანასაკუთრების პერიოდში შეძენილი ქონება კი რეგისტრირდება ერთ-ერთ მეუღლეზე, ეს კი ხშირად მეუღლეებს შორის დავის საგანი ხდება. საკანონმდებლო ხარვეზი, თავს იჩენს როგორც ქორწინების პერიოდში შეძენილ ქონებაზე საკუთრების უფლების წარმოშობისას, ისე ამ ქონების გასხვისებისას (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ჩიტოშვილი, 2006, გვ.71).</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> აღნიშნული გარემოება იწვევს ერთ-ერთი მეუღლის საკუთრების უფლების დარღვევას, ამდენად, მიგვაჩნია, რომ საჭიროა მეუღლეთა თანაცხოვრების დროს შეძენილი ქონება აღირიცხოს ორივე მეუღლის თანასაკუთრებად. ქორწინებაში იმყოფება თუ არა პირი შესაძლებელია გადამოწმდეს სააქტო ჩანაწერებისადმი საჯარო რეესტრში შესაბამისი თანამშრომლისათვის წვდომის უფლების მინიჭებით. თუ მეუღლეებს დადებული აქვთ საქორწინო ხელშეკრულება, ამის შემოწმება შესაძლებელია ნოტარიუსებთან არსებული საქორწინო ხელშეკრულების რეესტრის მეშვეობით. ამ პრობლემური საკითხისადმი ასეთი მიდგომა დაიცავს ორივე მეუღლეს საკუთრების უფლების დარღვევისაგან. კანონდებლობით იმპერატიულად უნდა განისაზღვროს ორივე მეუღლის სახელზე საკუთრების უფლების რეგისტრაცია<span style="mso-spacerun: yes;">&nbsp; </span>საჯარო რეესტრში (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ფხალაძე, 2020, გვ. 170)</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">მეუღლეთა</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> თანასაკუთრების განკარგვის საკითხი კარგად არის მოწესრიგებული გერმანიის და შვეიცარის კანონმდებლობით. გერმანიის სამოქალაქო კოდექსი ამ საკითხს შემდეგნაირად არეგულირებს: &sect;1365 თანახმად ,,მეუღლეს შეუძლია იკისროს მეუღლეთა საერთო ქონების მთლიანად განკარგვის ვალდებულება, მხოლოდ მეორე მეუღლის თანხმობით. თუ მან ვალდებულება იკისრა მეორე მეუღლის თანხმობის გარეშე, მაშინ მას ვალდებულების შესრულება მხოლოდ იმ შემთხვევში შეუძლია თუ მეორე მეუღლე ამაზე თანახმაა&rsquo;&rsquo;(</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">გერმანიის</span> <span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">სამოქალაქო</span> <span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">კოდექსი</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">, 2019). შვეიცარიის სამოქალაქო კოდექსის 201-ე მუხლის მიხედვით კი, ,,თუ ქონება წარმოადგენს ორივე მეუღლის თანასაკუთრებას, მაშინ არც ერთ მეუღლეს არ შეუძლია მეორე მეუღლის თანხმობის გარეშე განკარგოს თავისი წილი, თუ მათ შორის არ არის სხვა შეთანხმება.&rsquo;&rsquo; (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">შვეიცარიის სამოქალაქო კოდექსი, 2018)</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">მეუღლეთა</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> ქონებრივი რეჟიმის ასეთი საკანონმდებლო რეგულირება ემსახურება<span style="mso-spacerun: yes;">&nbsp; </span>საერთო საკუთრების უფლების დაცვას.</span></p> <h3 style="margin-left: .5in; text-align: justify; text-indent: -.5in; mso-list: l0 level3 lfo1;"><!-- [if !supportLists]--><span style="color: #000000;"><strong><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">3.1.1<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp; </span></span><!--[endif]--></strong><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"><strong>თანაზიარი საკუთრებისა და საზიარო უფლების ურთიერთგამიჯვნა</strong></span></span></h3> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">საერთო</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> თანაზიარი საკუთრება და საზიარო უფლება ერთმანეთისგან განსხვავებულ კატეგორიას წარმოადგენენ. ერთის საგანი შეიძლება იყოს პირთა თანაზიარი საკუთრება. მეორე შემთხვევაში კი, ნივთზე უფლება ეკუთვნის რამდენიმე პირს წილების სახით. არ არის მართებული ლიტერატურაში დაფიქსირებული შემდეგი მიდგომა: თანაზიარ საკუთრებასთან მაშინ გვაქვს საქმე, როდესაც საკუთრების უფლება ნივთზე იდეალური წილით არ არის შემოსაზღვრული. საერთო თანაზიარი უფლება არის რეალური უფლება, რომელიც ეკუთვნის რამდენიმე პირს. ამგვარად, საერთო თანაზიარი საკუთრება პირთა სიმრავლის საფუძველზე არსებული უფლებაა და ყოველი ნივთი თუ ქონება საერთო თანაზიარ საკუთრებაშია (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ზარანდია, 2022, გვ.22-23).</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> საქმე იმაშია, რომ შესაძლოა საერთო საკუთრების იურიდიულ უფლებაში წილი არ იყოს განსაზღვრული, მაგრამ აღნიშნული გარემოება მას თანაზიარ საკუთრებად არ აქცევს, რამეთუ მსგავს შემთხვევაში წილის თანაბრობის პრეზუმფცია მოქმედებს. ქონების მოქცევას თანაზიარი საკუთრების რეჟიმში კანონი განაპირობებს და არა მასზე იურიდიულ უფლებაში წილის განუსაზღვრელობა.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">საზიარო</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> უფლების შემთხვევაში წილები დანაწილებულნი არიან მესაკუთრე სუბიექტებს შორის, წილზე უფლების მქონე თითოეული პირის იურიდიული კომპეტენციით და ობიექტურად შემოიფარგლება კონკრეტულ ნივთზე საზიარო უფლებით (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ზარანდია, 2022, გვ.22-23).</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">თანაზიარ</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> საკუთრებაში, განსხვავებით წილადი საკუთრებისაგან, მესაკუთრეების საკუთრების უფლებიდან წილი არ არის წინასწარ არც კანონით განსაზღვრული. მაგალითად, ასეთია მეუღლეთა და კომლის წევრთა საერთო საკუთრება. ამიტომ მართებული არ არის მიდგომა, რომლის თანახმადაც თანაზიარი საკუთრების დროსაც თანამესაკუთრეებს საზიარო უფლებები აქვთ, მაგრამ ისინი რეგულირდებიან სპეციალური ნორმებით (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ახვლედიანი, 1999, გვ. 253-254).</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> თუმცა მართებულია ზემოთ აღნიშნული მოსაზრების ავტორის პოზიცია მასზედ, რომ საზიარო უფლებების მარეგულირებელი ნორმები, მათი არსიდან გამომდინარე, საერთო წილად საკუთრებაზე ვრცელდება (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ახვლედიანი, 1999, გვ. 253-254).</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">საქართველოს</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> სამოქალაქო კოდექსის 1328-ე მუხლის შესაბამისად სამკვიდრო<span style="mso-spacerun: yes;">&nbsp; </span>ქონება მოიცავს, როგორც ქონებრივ უფლებებს, ასევე მოვალეობებს, რომელიც მამკიდრებელს ჰქონდა სიკვდილამდე. სამკვიდროში ასევე შედის საერთო საკუთრების წილი. 1334-ე მუხლის თანახმად, სამკვიდროს გაყოფამდე ქონება ეკუთვნის თანამემკვიდრეებს. აღნიშნული ქონებიდან შეიძლება გადახდილ იქნეს მამკვიდრებლის მოვლის და სხვა ხარჯები, რომლებიც უნდა დაკმაყოფილდეს სამკვიდროს ღირებულებიდან ყველა სხვა მოთხოვნათა უპირტესად. აღნიშნულ მუხლში არაფერია ნათქვამი იმ შემთხვევაზე, თუ აღნიშნული ხარჯები არ არის გადახდილი სამკვიდრო ქონებიდან. საერთო საკუთრების არსიდან გამომდინარე, ხარჯების გამწევი მემკვიდრე უფლებამოსილია მოსთხოვოს თანამემკვიდრეებს სამკვიდროს გახსნის შემდეგ თითოეულის წილის პროპორციულად (კ</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">ოხრეიძე, 2014, გვ.31).</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> სამოქალაქო კოდექსის 1456-ე მუხლის<span style="mso-spacerun: yes;">&nbsp; </span>მიხედვით, თანამემკვიდრეებს შეუძლიათ შეთანმხდნენ სამკვიდროს გაყიდვაზე და მემკვიდრეთა შორის თანხის გადანაწილებაზე წილების პროპორციულად. 1457-ე მუხლით კი მესააკუთრეთა<span style="mso-spacerun: yes;">&nbsp; </span>შეთანხმებით შესაძლებელია ერთ თანამემკვიდრეზე გადავიდეს სამკვიდრო, ეს უკანასკნელი კი ვალდებულია<span style="mso-spacerun: yes;">&nbsp; </span>თანამემკვიდრეებს გადაუხადოს შესაბამისი კომპენსაცია.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">საქართველოს</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> სამოქალაქო კოდექსის 953-ე მუხლის თანახმად, საზიაროა უფლება, თუ ის ეკუთვნის რამოდენიმე პირს ერთობლივად. იურიდიულ ლიტერატურაში ხაზგასმულია საზიარო უფლებების წარმოშობის საფუძვლები: ისინი წარმოიშობა კანონიდან, ხელშეკრულებიდან, კანონით მემკვიდრეობისას მემკვიდრეთა შორის სამკვიდროს გაყოფამდე. თანაზიარი საკუთრებისგან განსხვავებით, საზიარო უფლებები კანონისმიერმიერ ვალდებულებით ურთიერთობებს მიეკუთვნებიან, რადგან მოწილეთა უფლებები და ვალდებულებები კანონიდან წარმოიშობა და მათ შორის ურთიერთობები კანონით წესრიგდება (ახვლედიანი, 1999, გვ. 252). ინტერესს იწვევს, მრავალბინიან სახლში ბინის მესაკუთრეთა<span style="mso-spacerun: yes;">&nbsp; </span>საერთო საკუთრების უფლება. მესაკუთრეებს გააჩნიათ საზიარო უფლებები საკუთრებაზე, მაგრამ ისინი განსხვავებულად რეგულირდება.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">მრავალბინიან</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> სახლებში საკუთრების უფლება ჯერ კიდევ რომის სამართლიდან იღებს სათავეს. იმ დროს მოქმედი კანონის მიხედვით თავისუფალ მოქალაქეებს შეეძლოთ სახცოვრებელი ფართების ფლობა, ამ დროს გაჩნდა ტერმინი ,,კონდონიუმიც&rsquo;&rsquo;- თანამფლობელობა. ევროპაში ცალკეული ბინების გადაცემა საკუთრებაში დაიწყო XX საუკუნეში. ბინათმესაკუთრეებს შეეძლოთ საცხოვრებელი ფართის გასხვისებაც. ტერმინი ,,კონდონიუმი&rsquo;&rsquo; გამოიყენებოდა, როგორც უძრავი ქონების ერთიანი კომპლექსი, რომელიც მოიცავდა მიწის ნაკვეთს და მასზე განთავსებულ საცხოვრებელ შენობა-ნაგებობას, რომელშიც საცხოვრებელი და არასაცხოვრებელი ფართები იყო მოქალაქეების ან იურიდიული პირების საკუთრებაში, ხოლო საერთო საკუთრება - მათ საერთო წილად საკუთრებაში (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">Прокофьев, Моисеев, Егорова, 2015, ст.308, 311).</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">საქართველოს</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> სამოქალაქო კოდექსში სანივთო სამართლის თავში ბინის საკუთრებას მრავალბინიან სახლში ორი მუხლი ეთმობა. დანარჩენი ნორმატიული დანაწესები 2007 წლიდან გადატანილ იქნა ცალკე ,,ბინათმესაკუთრეთა ამხანაგობის შესახებ&rsquo;&rsquo; სპეციალურ კანონში. ასეთი საკანონმდებლო ცვლილება თავიდანვე და ახლაც აზრთა სხვადასხვაობას იწვევს. პროფესორი თამარ ზარანდია აღნიშნავს, რომ ნორმები, რომლებიც გადატანილ იქნა ცალკე სპეციალურ კანონში, საორგანიზაციო ხასიათისაა და მიმართულია მრავალბინიან სახლებში არსებული ყოფითი პრობლემების გადასაწყვეტად (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ზარანდია,2019, გვ.22)</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">. პროფესორი ბესარიონ ზოიძე განმარტავს, რომ ბინის საკუთრების თავისებურება იმაშია, რომ საერთო და ინდივიდუალური საკუთრების რეჟიმი შესაძლებელს ხდის მეზობელთა მშვიდობიან თანაცხოვრებას (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ზოიძე,2005, გვ. 270)</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">აღნიშნული</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> კანონი არეგულირებს ბინათმესაკუთრეთა ამხანაგობის წევრთა საერთო ქონების მართვასთან დაკავშირებულ ურთიერთობებს, განსაზღვრავს ბინათმესაკუთრეთა ამხანაგობის ფორმებსა და ბინათმესაკუთრეთა ამხანაგობის წევრთა საკუთრების ფორმებს, აგრეთვე ბინათმესაკუთრეთა ამხანაგობის წარმოშობის, ჩამოყალიბების, საქმიანობისა და ლიკვიდაციის ძირითად სამართლებრივ პირობებს (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საქართველოს კანონი ,,ბინათმესაკუთრეთა ამხანაგობის შესახებ&rsquo;&rsquo;, 2020)</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">. გერმანული სამართლიდან გადმოტანილ იქნა მხოლოდ მნიშვნელოვანი მუხლები, რომლებიც მოერგო ქართულ კანონმდებლობასაც. მიუხედავად აღნიშნულისა, ვეთანხმებით მოსაზრებას მასზედ, რომ ბინის საკუთრება მრავალბინიან სახლში უნდა იყოს სამოქალაქო კოდექსის უწვეტი ნაწილი (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">ჭეჭელაშვილი, </span><span lang="GEO/KAT" style="mso-ansi-language: 'GEO\/KAT';">2021, </span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">გვ</span><span lang="GEO/KAT" style="mso-ansi-language: 'GEO\/KAT';">. 116</span><span lang="GEO/KAT" style="font-family: 'Calibri','sans-serif'; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';">)</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">საქართველოში</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> ბინათმესაკუთრეთა ამხანაგობას მართავს ბინათმმესაკუთრეთა მიერ არჩეული თავჯდომარე, რომელიც ძირითადად არის ამ ამხანაგობის წევრი. მისი საქმიანობა არის უსასყიდლო და არაანაზღაურებადი საქმიანობა. რაც შეეხება ევროკავშირის ქვეყნებს, ბინათმესაკუთრეთა ამხანაგობის მმართველად გვევლინება პროფესიული მმართველი, თავმჯდომარე მხოლოდ მცირე რაოდენობის ბინებიანი კორპუსების შემთხვევაში გვხვდება ძირითად მმართველად. არის ქვეყნები, სადაც ეს საკითხი კანონმდებლობითაა რეგულირებული. მაგალითად, მოლდოვაში მმართველის უფლება-მოავლეობა განისაზღვრება კანონმდებლობით, ამის გარდა, მმართველი გადის ატესტაციას, რომელსაც ახორციელებს ცენტრალური დარგობრვი ორგანო. ბელარუსში ფუნქციონირებს უძრავი ქონების მართვის საერთაშორისო ასოციაცია (IVIM/МАМН), რომელიც 2010 წელს დაფუძნდა საბინაო ფონდის პროფესიონალიზმის ამაღლების მხარდაჭერისათვის. ასოციაცია მართავს დიალოგს და ადვოკატირებას უწევს უძრავი ქონების პროფესიონალური მართვის დანერგვას; ამზადებს ახალ კადრებს და ატარებს გადამზადების კურსებს. რაც შეეხება გერმანიას, აქ მრავალბინიანი სახლები იმართება პროფესიონალურად დაქირავებული მმართველისაგან (ფიზიკური პირი ან კომპანია). პროფესიონალური მართვისათვის ბინათმესაკუთრეები იხდიან ყოველთვიურ საწევრო შენატანს, რომელიც წილობრივად ნაწილდება თითოეულ ბინათმესაკუთრეზე. Verwalter - უძრავი ქონების მმართველი, რომელიც მზადდება დუალური პროფესიული განათლების ფარგლებში, 3 წლის განმავლობაში (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საერთაშორისო პრაქტიკის გაზიარება საქართველოში, 2022)</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">მმართველის</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> ინსტიტუტი გავრცელებულია ასევე შვეიცარიაში. მისი უფლებამოსილებები და საერთო საკუთრების მართვის წესი გათვალისწინებულია შვეიცარიის სამოქალაქო კოდექსის 712q-712t მუხლებში. თუ ბინის მესაკუთრეთა საერთო კრება არ ნიშნავს მმართველს, თითოეულ მესაკუთრეს აქვს უფლება მოსთხოვოს სასამართლოს დანიშნოს მმართველი, ასევე მისი გამოწვევაც არის გათვალისწინებული კანონმდებლობით (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">შვეიცარიის</span> <span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">სამოქალაქო</span> <span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">კოდექსი, 2018)</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">. გარდა განხილული საკითხისა, უნდა აღინიშნოს, რომ სწორად სანივთო სამართლის მეორე ნაწილში არის გათვალისწინებული მრავალბინიან სახლზე საკუთრების მუხლები. ასევე, ნიდერლანდების სამოქალაქო კოდესის მე-5 წიგნში სანივთო უფლებებში, ტიტულში 5.9, რომელიც ეხება ბინის საკუთრებას, განყოფილება 5.9.2 მოცემულია მუხლები, რომლებიც არეგულირებენ ბინის მესაკუთრეთა საერთო ქონებასთან დაკავშირებულ საკითხებს, კერძოდ, ბინის მესაკუთრეთა ასოციაციცია ბინის მესაკუთრეთა საერთო ქონებას მართავს (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ნიდერლანდების სამოქალაქო კოდექსი, 2021)</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">განხილული</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> უცხო ქვეყნების პრაქტიკის და ამ პრაქტიკის ანალიზის საფუძველზე, უნდა ითქვას, რომ სასურველია საქართველოს სამოქალაქო კოდექსის სანივთო სამართლის ნაწილი გახდეს კანონი ,,ბინათმესაკუთრეთა ამხანაგობის შესახებ&rsquo;&rsquo;.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">იურიდიულ</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> დოქტრინაში არსებობს სხვადასხვა მოსაზრება საზიარო უფლების საკითხთან დაკავშირებით. ავტორთა ნაწილი მას მიიჩნევს სანივთო სამართლის ინსტიტუტად, ნაწილი კი ვალდებულებითი სამართლის კუთვნილებად. განსხვავებული მოსაზრება აქვს ამ საკითხთან დაკავშირებით პროფესორ მიხეილ ბიჭიას. ის მიიჩნევს , რომ საზიარო უფლებების ადგილი სწორედ ვალდებულებითი სამართლის კერძო ნაწილის მეორე კარშია. მისი აზრით, საზიარო უფლებებში ასახულია საკუთრების ის ვალდებულებით სამართლებრივი ასპექტები, რომლებიც კანონის საფუძველზე წარმოიშვა (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ბიჭია, 2016, გვ. 51)</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">ვეთანხმებით</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> პროფესორ მზია თოდუას და მიგვაჩნია, რომ საზიარო უფლებების ვალდებულებითი სამართლის თავში მოთავსება, კანონმდებლის შეცდომაა, რადგან საზიარო უფლებები წარმოადგენს არა ვალდებულებითი სამართლის, არამედ სანივთო სამართლის განუყოფელ ნაწილს, ვინაიდან ისინი არეგულირებენ უძრავი ქონების თანამესაკუთრე ორი ან მეტი პირის უფლებებსა და მოვალეობებს. მართალია, ეს უფლებები და მოვალეობები ასახულია კანონში, თუმცა ეს არ ნიშნავს იმას, რომ საზიარო უფლებების სამართლებრივი სუბიექტი წარმოადგენს სამართლის ნაწილს, რომელიც კანონით დადგენილ ვალდებულებებს შეეხება (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">თოდუა, ვილემსი, 2006, გვ.97 )</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">პროფესორ</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> თამარ შოთაძის აზრით, საერთო საკუთრება და საზიარო უფლებები თვისობრივად ერთი ინსტიტუტია. ის აღნიშნავს, რომ კოდიფიკაციის თვალსაზრისით, უმჯობესია, საზიარო უფლებები სანივთო სამართლის თავში ყოფილიყო განთავსებული, რადგან სამოქალაქო კოდექსი არის ნორმატიული აქტი, რომლის ფუნქციაა მოაწესრიგოს პირთა სამართლებრივი ურთიერთობები, და არა სახელმძღვანელო, სადაც მრავალჯერ განიმარტება ერთი შინაარსის ნორმები. ასევე, სამართლის ეკონომიურობის პრინციპიდან გამომდინარე არ არის რეკომენდირებული ერთი და იმავე ნორმების გამეორება (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">შოთაძე, 2009, გვ.22, 24)</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">სანივთო</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> სამართალში მოქმედებს სანივთო უფლებათა ,, numerus clausus&rsquo;&rsquo; პრინციპი, რომლის მიხედვით, სანივთო უფლებები მხოლოდ კანონიდან გამომდინარეობს (Akkermans, 2008, </span><span lang="GEO/KAT" style="mso-ansi-language: 'GEO\/KAT';">p. 403</span><span lang="GEO/KAT" style="font-family: 'Calibri','sans-serif'; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-ansi-language: 'GEO\/KAT';"> )</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">. ამ სისტემას უწოდებენ ,, სანივთო უფლების ჩაკეტილ სისტემას&rsquo;&rsquo;, რაც გულისხმობს მხოლოდ იმ სანივთო უფლებათა არსებობას, რომელიც კანონით არის განსაზღვრული, ხოლო ვალდებულებით სამართალი კი ღია სისტემაა. კანონით დადგენილ ფარგლებში პირს შეუძლია სხვადასხვა სამართლებრივ ურთიერთობაში შესვლა. აღნიშნული უფლებები არის პირის მიკუთნებული ქონებრივი უფლებები. გერმანული სამართალი განმარტავს საკუთრების უფლებების მარეგულირებელ ნორმებს, როგორც ყოვლისმომცველ რეალურ უფლებას, სხვა სანივთო უფლებებს კი შეზღუდულ უფლებებად მიიჩნევს (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">Christian, 2022)</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">. შეიძლება ითქვას, რომ ვალდებულებითი სამართალი აწესრიგებს პირთა ურთიერთობას, ხოლო სანივთო სამართალი - უშუალოდ მიმართებას ნივთისადმი, რომელიც გამომდინარეობს პირთა ურთიერთობისაგან. როგორც პროფესორი ლადო ჭანტურია აღნიშნავს, რთულია სანივთო სამართლისა და ვალდებულებითი სამართლის გამიჯვნა ერთმანეთისაგან როგორც თეორიული, ისე პრაქტიკული თვალსაზრისით. სირთულე კი, იმაში მდგომარეობს, თუ რა მოცულობით და როგორ უნდა იყოს გამოყენებული ვალდებულებითი სამართლის ნორმები სანივთო სამართალში (</span><span lang="GEO/KAT" style="font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ჭანტურია, 2001)</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">.</span></p> <h2 style="text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo1; margin: 12.0pt 0in .0001pt .25in;"><!-- [if !supportLists]--><strong><span lang="GEO/KAT" style="font-size: 14.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT'; mso-fareast-language: AR-SA;"><span style="mso-list: Ignore;">4.<span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp; </span></span></span><!--[endif]--></strong><span lang="GEO/KAT" style="font-size: 14.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT'; mso-fareast-language: AR-SA;"><strong>დასკვნები და რეკომენდაციები</strong></span></h2> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">საერთო</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> საკუთრების ინსტიტუტის შესწავლისას, გამოიკვეთა ის ძირითადი სირთულეები, რომლებიც ახლავს და ახასიათებს თანამესაკუთრეთა სამართლებრივ ურთიერთობას. თავისი იურიდიული ბუნებით ის არის საკუთრების უფლების ინსტიტუტის განუყოფელი ნაწილი და მასაც აქვს აბსოლუტური ხასიათი, თუმცა აქ შეიძლება შეგხვდეს არა მესაკუთრისა და მესამე პირის, არამედ თვით თანამესაკუთრეთა დავები უძრავ ნივთთან დაკავშირებით და საკუთრების უფლების დარღვევის ფაქტები. აღსანიშნავია, რომ თანაზიარი საკუთრების დროს თანამესაკუთრეთა წილები ჯამში ქმნის ერთიან საკუთრების უფლებას საერთო საკუთრებაში. თანამესაკუთრეთა კონფლიქტის თავიდან აცილების მიზნით უმჯობესი იქნება თანამესაკუთრეთა წილის განსაზღვრა და მისი რეგისტრაცია საჯარო რეესტრში, ასეთი რეგულაციის მეშვეობით საერთო წილობრივად დაყოფილი საკუთრება ბევრად დაცულს გახდის სამოქალაქო ბრუნვაში ჩართულ კეთილსინდისიერი მესამე პირების ინტერესებს.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">საქართველოს</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> სამოქალაქო კოდექსის საერთო საკუთრებასთან დაკავშირებული სამართლებრივი ურთიერთობების მომწესრიგებელი ნორმატიული მასალა, პირველ რიგში საჭიროებს<span style="mso-spacerun: yes;">&nbsp; </span>ერთ სივრცეში განთავსებას. კერძოდ, სანივთო (ქონებრივი) სამართლის მესამე კარში. მიზანშეწონილი არ არის ერთი და იგივე შინაარსის ნორმატიული მასალა განთავსდეს სამოქალაქო კოდექსის სხვადასხვა ნაწილებში. უპრიანი იქნებოდა, ერთი და იგივე სამართალებრივი ინსტიტუტის მომწესრიგებელი<span style="mso-spacerun: yes;">&nbsp; </span>ნორმების ერთ სივრცეში განთავსდება, რაც უდაოდ გააიოლებს ამ ნორმების გამოყენებას პრაქტიკაში.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">173-ე მუხლის მე-2 ნაწილი და 956-ე მუხლის პირველი ნაწილი იდენტური შინაარსისაა და ეხება მესაკუთრის მიერ<span style="mso-spacerun: yes;">&nbsp; </span>საერთო საკუთრებაში არსებული ნივთის განკარგვას. ასევე 957-ე, 959-ე და 173-ე მუხლებიდან გამომდინარე საერთო საკუთრებაში არსებული ქონების იურიდიულ ბედს თანამესაკუთრეები წყვეტენ ერთობლივად. </span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">960-ე მუხლის თანახმად, თითოეული თანამესაკუთრე წილის თანაზომიერად ვალდებულია გაწიოს ხარჯი, 173-ე მუხლის მესამე ნაწილი კი ნივთის მოვლისა და შენახვის ხარჯებს განსაზღვრავს. როგორც ირკვევა კვლევიდან, საერთო საკუთრების ნორმები არ არის სრულად და ჯეროვნად მოწესრიგებული ქართული კანონმდებლობით. განსაკუთრებით თვალსაჩინოა მათი ნაკლი, როდესაც ისეთი განვითარებული ქვეყნების სამართალს ვადარებთ, როგორიც არის იტალიის, შვეიცარიის, ნიდერლანდების, ესტონეთის, მოლდოვის, ჩეხეთის<span style="mso-spacerun: yes;">&nbsp; </span>სამოქალაქო კანონმდებლობები.</span> <span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">სამოქალაქო კოდექსი უნდა იყოს მკაფიოდ ჩამოყალიბებლი ინსტრუქციული ხასიათის ნორმათა კოდიფიცირებული კანონი.</span></p> <p class="MsoNormal" style="margin-top: 12.0pt; text-align: justify;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">რაც</span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> შეეხება მეუღლეთა საერთო საკუთრებას, ვფიქრობთ, ურიგო არ იქნება, საქართველოს სამოქალაქო კოდექსში, კერძოდ, 1160-ე მუხლში დაკორექტირდეს მეორე ნაწილი და ჩამოყალიბდეს შემდეგნაირად: ,, მეუღლეთა თანასაკუთრებაში არსებული ქონების განკარგვა უნდა მოხდეს ურთიერთშეთანხმებით, ერთ-ერთ მეუღლეს არ შეუძლია მეორის თანხმობის გარეშე თავისი წილის განკარგვა&rsquo;&rsquo;. კანონის ასეთი იმპერატიული შინაარსი დაიცავს მეუღლეთა ქონებრივ უფლებებს და თავისთავად<span style="mso-spacerun: yes;">&nbsp; </span>უსიამოვნო ფაქტს აარიდებს უძრავი ქონების კეთილსინდისიერ შემძენს.</span></p> <h1 style="margin-top: 0in; text-align: center;" align="center"><span lang="GEO/KAT" style="font-size: 14.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT'; mso-fareast-language: AR-SA;"><strong>ბიბლიოგრაფია</strong></span></h1> <div> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; line-height: 150%;"><strong><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 150%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ნორმატიული მასალა:</span></strong></p> <p class="MsoNormal" style="text-align: justify; text-indent: -.25in; line-height: 150%; mso-list: l0 level1 lfo1; margin: 12.0pt 0in .0001pt .25in;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 150%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">1.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 150%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საქართველოს კონსტიტუცია;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; line-height: 150%; mso-list: l0 level1 lfo1;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 150%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">2.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 150%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საქართველოს სამოქალაქო კოდექსი;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; line-height: 150%; mso-list: l0 level1 lfo1;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 150%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">3.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 150%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">საქართველოს კანონი ,,ბინათმესაკუთრეთა ამხანაგობის შესახებ&rsquo;&rsquo; კონსოლიდირებლი ვერსია 15. 07.2020, მუხლი 1;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; line-height: 150%; mso-list: l0 level1 lfo1;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 150%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">4.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 150%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">გერმანიის სამოქალაქო კოდექსი მეორე რედაქტირებული გამოცემა, თბილისი, 2019;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; line-height: 150%; mso-list: l0 level1 lfo1;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 150%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">5.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 150%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">&nbsp;ნიდერლანდების სამოქალაქო კოდექსი, სსიპ საქართველოს ნოტარიუსთა პალატა, თბილისი, 2021;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; line-height: 150%; mso-list: l0 level1 lfo1;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 150%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">6.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 150%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">შვეიცარიის სამოქალაქო კოდექსი, გამომცემლობა ნოტარიუსთა პალატა, თბილისი, 2018;</span></p> <p class="MsoNormal" style="text-align: justify; line-height: 150%;"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 150%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">&nbsp;</span></p> <p class="MsoNormal" style="text-align: justify; line-height: 150%; margin: 0in 0in 12.0pt .25in;"><strong><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 150%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">სამეცნიერო ლიტერატურა: </span></strong></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">1.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ახვლედიანი. ზ., ვალდებულებითი სამართალი. გამომცემლობა ,,სამართალი&rsquo;&rsquo;, თბილისი, 1999;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">2.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp; &nbsp; &nbsp;</span></span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ბიჭია მ., კანონისმიერი ვალდებულებითი ურთიერთობები (დამხმარე სახელმძღვანელო), თბილისი, 2016;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">3.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ზარანდია თ., საზიარო უფლების სამართლებრივი ბუნება და ზოგადი დახასიათება, შედარებითი სამართლის ქართულ-გერმანული ჟურნალი, 6/2022;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">4.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ზარანდია თ., ,,ბინის საკუთრების მოწესრიგება მრავალბინიან სახლებში,&rsquo;&rsquo; კოპალეიშვილი მ., 55 საიუბილეო კრებული, გამომცემლობა ,,იურისტების სამყარო&rsquo;&rsquo;, თბილისი, 2019;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">5.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">&nbsp;ზოიძე ბ.,&nbsp; ევროპული კერძო სამართის რეცეპცია საქართველოში, საგამომცემლო საქმის სასწავლო ცენტრი, თბილისი, 2005;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">6.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">&nbsp;ზოიძე ბ., ქართული სანივთო სამართალი, მეორე გადამუშავებული და სრულყოფილი გამოცემა, თბილისი, 2003;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">7.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">თოდუა მ., ვილემსი ჰ., ვალდებულებითი სამართალი, საქართველოს ახალგაზრდა იურისტთა ასოციაცია, თბილისი, 2006;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">8.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">კოხრეიძე ლ. ,ზოგიერთი სამოქალაქო-სამართლებრივი ნორმის განმარტების პრობლემები კანონით მემკვიდრეობასთან დაკავშირებული დავების განხილვისას, საქართველოს უზენაესი სასამართლოსა და საქართველოს მოსამართლეთა ასოციაციის იურიდიული ჟურნალი, მართლმსაჯულება და კანონი, N2(41)&rsquo;14;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">9.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">მეტრეველი ვ., რომის სამართალი (საფუძვლები), გამომცემლობა, &bdquo;მერიდიანი&ldquo;, თბილისი, 2009;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">10.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">&nbsp;&nbsp;საქართველოს სამოქალაქო კოდექსის კომენტარი, წიგნი მეორე, სანივთო (ქონებრივი) სამართალი, გამომცემლობა ,,სამართალი&rsquo;&rsquo;, თბილისი 1999;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">11.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">&nbsp;&nbsp;საერთაშორისო პრაქტიკის გაზიარება საქართველოში </span><span lang="EN-GB"><a href="http://chca.org.ge/geo/item/543/"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">http://chca.org.ge/geo/item/543/</span></a></span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';"> [01.05.2023].</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">12.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ფხალაძე ნ., მეუღლეთა საერთო საკუთრების კანონისმიერი რეჟიმი (საქართველოს სსამოქალაქო კანონმდებობის ანალიზი), ჟურნალი ,,სამართალი და მსოფლიო&rsquo;&rsquo; N14, 2020, გვ. 170;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">13.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">შოთაძე თ., საერთო საკუთრებისა და საზიარო უფლების ნორმების შედარებითი ანალიზი საქართველოს სამოქალაქო კოდექსის მიხედვით, სამართლის ჟურნალი N 2., თბილისი, 2009;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">14.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">&nbsp;&nbsp;შოთაძე თ., სანივთო (ქონებრივი) სამართალი თეორია, პრაქტიკა, შედარებითი კვლევა საუნივერსიტეტო სახელმძღვანელო, გამომცემლობა ,,ბონა კაუზა&rsquo;&rsquo;, თბილისი, 2017;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">15.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ჩიტოშვილი თ., უძრავ ქონებაზე საკუთრების უფლების წარმოშობის ძირითადი სამართლებრივი ასპექტები, გამომცემლობა ,,მერიდიანი&rsquo;,თბილისი, 2006;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">16.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">ჭანტურია ლ. ,უძრავი ნივთების საკუთრება, შედარებით სამართლებრივი კვლევა (გერმანული სამართლის მაგალითზე) მეორე გამოცემა, გამომცემლობა ,,სამართალი&rsquo;&rsquo;,თბილისი, 2001.</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">17.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">&nbsp;ჭეჭელაშვილი ზ. ,სვლა ახალი სამოქალაქო კოდექსისკენ ( შედარებით-სამართლებრივი კვლევა საქართველოს ახალი სამოქალაქო კოდექსის მიღების აუცილობლობის დასაბუთება), თბილისი, 2021;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">18.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp; </span></span><!--[endif]--><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif';">Akkermans, B. (2008). The principle of numerus clausus in European property law. [Doctoral Thesis, Maastricht University]. Maastricht University. </span><span lang="EN-GB"><a href="https://doi.org/10.26481/dis.20081017ba"><span style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif';">https://doi.org/10.26481/dis.20081017ba</span></a></span> <span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">[05.05.2023];</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">19.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">Berger Christian., Sachenrecht, 1. Auflage, 2022, &sect; 1, II DOI 10.1628 / 978-3-16-161430-9 [05.05.2023];</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">20.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">Fikentscher W., Heimemann A., 10. Auflage, Berlin, 2006;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">21.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">Эвоян М. Г., </span><span lang="EN-GB"><a href="https://cyberleninka.ru/article/n/pravovoe-regulirovanie-instituta-obschey-sobstvennosti-v-soedinennyh-shtatax-ameriki/viewer"><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">Правовое регулирование института общей собственности в Соединенных штатax Америки</span></a></span><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">, 2018, с. 52-53.&nbsp; [05.03.2023].</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">22.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">&nbsp;Курзински-Сингер Е., Зарандия Т., Рецепция немецкого вещного права в Грузии, журн., "Вестник гражданского права", #1, т.12, 2012;</span></p> <p class="MsoNormal" style="margin-left: .25in; text-align: justify; text-indent: -.25in; mso-list: l1 level1 lfo2;"><!-- [if !supportLists]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-fareast-font-family: Sylfaen; mso-bidi-font-family: Sylfaen; mso-ansi-language: 'GEO\/KAT';">23.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp; </span></span><!--[endif]--><span lang="GEO/KAT" style="font-size: 12.0pt; line-height: 115%; font-family: 'Sylfaen','serif'; mso-ansi-language: 'GEO\/KAT';">Прокофьев, К.Ю., Моисеев, В.А., Егорова, Ю.А. 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Б., Диссертация - Институт права общей собственности в странах романогерманской правовой семьи (Германии, Австрии, Швейцарии, Франции и России: сравнительно-правовое исследование) Москва, 2015;</span></p> <p class="MsoBibliography" style="margin-top: 6.0pt; text-align: justify; line-height: 150%;"><span lang="RU">&nbsp;</span></p> <div id="ftn1" style="mso-element: footnote;">&nbsp;</div> </div> <p>&nbsp;</p>