In the absence of controlling legislation at the local, state, or federal level, the law of aviation is no more than a localized application of general common-law principles. Accordingly, various contracts relating to aviation are governed by the rules and requirements pertinent to such agreements generally.
However, the federal government plays an important role in many aspects of the aviation industry. The Federal Aviation Act of 1958 provides in detail for the regulation and control of aviation in the United States. Under this Act, any conveyance that affects the title to, or any interest in, any civil aircraft of the United States must be acknowledged and recorded with the Administrator of the Federal Aviation Administration in the manner prescribed by statute. After such an instrument is recorded, it is valid as to all persons without recording and regardless of notice.
As with any lease of personal property, an agreement to lease an aircraft must comply with all of the requisites, duties, liabilities, and obligations of the respective parties.Of particular importance in an aircraft lease are provisions concerning any limitations on the use of the aircraft and liability for loss and damage to or caused by the aircraft.
Oklahoma Aircraft Lease for Successive Terms refers to a specific type of lease agreement for aircraft in the state of Oklahoma. It outlines the terms and conditions under which an aircraft can be leased for multiple consecutive terms. This lease agreement facilitates the use of aircraft for extended periods, providing flexibility and convenience for lessees. The Oklahoma Aircraft Lease for Successive Terms enables individuals, businesses, or organizations to lease aircraft for a specific duration and have the option to extend the lease upon its expiration. This arrangement caters to various aviation needs, such as private use, business travel, cargo transportation, or even aviation training purposes. There are different types of Oklahoma Aircraft Lease for Successive Terms available to cater to specific requirements: 1. Fixed-Term Lease: This type of lease agreement specifies a predetermined lease term, which cannot be altered or extended without the consent of both parties involved. It provides stability and certainty for the lessee and lessor, allowing them to plan accordingly for the aircraft's use during the lease term. 2. Renewal Option Lease: This lease type grants the lessee the right to renew the lease for successive terms upon the expiration of the initial term. The terms and conditions for renewal, such as lease price adjustments or renewal notice periods, are usually outlined within the lease agreement. It offers flexibility to the lessee, allowing them to continue utilizing the aircraft without having to renegotiate a new lease agreement. 3. Month-to-Month Lease: This lease option allows the lessee to rent the aircraft on a month-to-month basis, with the freedom to terminate the lease or continue on a monthly basis at the end of each term. It offers short-term flexibility and accommodates lessees whose needs may vary over time, typically preferred by individuals or organizations in need of aircraft for a limited duration. In Oklahoma, the Aircraft Lease for Successive Terms requires a comprehensive agreement that addresses various aspects, including lease duration, lease payments and late fees, maintenance responsibilities, insurance requirements, and termination conditions. The agreement should also outline any specific regulations or requirements set forth by aviation authorities in the state. Overall, the Oklahoma Aircraft Lease for Successive Terms serves as a valuable tool for those seeking to have long-term access to aircraft while providing clear guidelines and options for lease extensions or terminations.
