ERDEM-NEWSLETTER-2018-metin

370 NEWSLETTER 2018 Penalty Ratio It is important to note that in the event that the obligations re- garding Category-A, Category-B, Category-C, sub-industry business shares and small and medium-sized enterprises business shares are not fulfilled within the indicated time and conditions stipulated in the ITP contract, a penalty shall be applied, which amounts to 6% of the ITP obligation that remains unfulfilled. Conclusion The Regulation abrogated the Regulation on the Rules and Proce- dures of the Industry Cooperation Programme regarding purchase of Goods and Services pursuant to Article 3 sub-paragraph (u) of Public Tender Law numbered 4734, published in the Official Gazette dated 15.02.2015 and numbered 29268. However, the tenders, the announce- ment of which are made prior to the entry into force of the Regulation, shall be carried out according to the Regulation on the Procedures and Principles of Industry Cooperation Projects Regarding the Purchases of Goods and Services according to Subparagraph (u) of Article 3 of Public Procurement Law numbered 4734 that was in force on the an- nouncement date of the tender. The Regulation that is summarized in this article has brought with it vital changes regarding the implementa- tion of Industry Cooperation Projects.