"Concession" under this Act shall mean the granted special right to use objects which are public state property, as well as the granted permission to carry out activities for which a state monopoly is established by law. Concessions shall be granted for periods up to 35 years. The term of a concession may be extended but the overall term may not exceed 50 years. Concessions may be granted for objects such as: the waterfront beach strip, biological, mineral and energy resources of the continental shelf and in the Exclusive Economic Zone, the national aquaculture facilities and systems, waters of national significance including mineral waters, the water supply facilities and systems which are state property, forests and parks of national significance, as well as natural and archaeological reserves. Applications participate to a tender or. Applications. Applications participate to a tender or auction. Participants in the tender or auction may be Bulgarian as well as foreign citizens or foreign legal persons registered as merchants. Chapter IV regulates the contract of concession.