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Aircraft Lease Agreement with Option to Renew

Aircraft Lease Agreement

Name: Aircraft Lease Agreement with Option to Renew
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.76 (241 reviews)

Category:

Leases - Aircrafts

State:

Multi-State

Control #:

US-02500BG

Format:

Instant download

Description Aircraft Wet Lease Agreement Pdf

Under the Federal Aviation Act of 1958, 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.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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Aircraft Dry Lease Agreement Template Form Rating

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Dry Lease Vs Wet Lease Other Form Names

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Lease Agreement With Pdf FAQ

An aircraft owner may apply for registration of an unregistered aircraft under 14 C.F.R. §4731(a), by filing an Aircraft Registration Application, AC Form 8050-1, the $5.00 registration fee, and evidence of ownership (if it is not already on file at the Registry).

A dry lease furnishes an aircraft, but the lessor provides no crew.With non-exclusive leases, the owner can furnish the aircraft to more than one lessee during the same lease term, with operational control switching between the lessor and each lessee on a flight-by-flight basis.

In a dry lease arrangement, the aircraft owner is providing the aircraft to the lessee without crew.In a wet lease situation, because the lessor is providing both aircraft and crew, the lessor maintains operational control of all flights.

Wet lease: Under a wet leasing arrangement, the owner supplies the aircraft as well as at least one crew member, according to the FAA. The owner assumes operational responsibility, which includes performing maintenance, procuring insurance, and other legal responsibilities of operations.

In the charter industry, the FAA regulates two main types of aircraft leases: a dry lease or a wet lease. A wet lease means that the organization or person who owns the aircraft will provide that aircraft as well as one or more crew members to the lessee.

Aircraft registration expires three years after an aircraft was registered or last renewed. The registration renewal date-to-file is scheduled five months before the expiration.The FAA will send a notice to the address of record on the date shown in the column on the left.

A Standard Airworthiness Certificate has no set expiration dates and will remain valid for as long as the aircraft meets its approved type design, is in a condition for safe operation and maintenance, and all preventive maintenance and alterations are performed in accordance with a country's aviation regulations.

A dry lease is a leasing arrangement whereby an aircraft financing entity (lessor), such as GECAS, AerCap, or Air Lease Corporation, provides an aircraft without crew, ground staff, etc.

Aircraft Lease Agreement

Description Aircraft Wet Lease Agreement Pdf