This is a contract for the lease of an air craft. The form provides that the lessor leases to the lessee and the lessee takes possession of and rents from the lessor a certain aircraft described in the document. It is further understood and agreed by and between the lessor and lessee that, on account of breach or default by either party of any of their obligations, it will become necessary for the other party to employ and/or consult with an attorney to give advice, or to enforce or demand any of either party's rights or remedies hereunder, then, and in any such event, the defaulting or breaching party will pay all attorney fees, court costs and other expenses occasioned by such default(s) or breach(es).
Fulton Georgia Contract for the Lease of Aircraft
Category:
State:
Multi-State
County:
Fulton
Control #:
US-01624
Format:
Word;
Rich Text
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FAQ
With a dry lease, an aircraft owner/lessor leases an aircraft to a lessee/operator without a crew. Neither the lessor nor the lessee is required to hold a charter certificate. In a dry lease situation, the lessee provides its own crew and exercises operational control of its flights.
Leasing an aircraft can be an alternative to outright purchase for a variety of reasons ranging from practicality to cash flow. There are a wide variety of leasing options available, each with specific advantages and disadvantages. In general terms, a lease is a transfer of an aircraft without transfer of title.
Aircraft leasing contracts, in most cases, can stretch from one up to twenty-five years of length. Airlines must monitor the life cycle costs of such endeavors to avoid future unanticipated financial obligations, keeping their long term profitability and business' sustainability (Bourjade et at., 2017).
Leasing transfers possession of the aircraft without transferring the title. A dry lease furnishes an aircraft, but the lessor provides no crew. (A lease that includes crew is called a wet lease, and requires an FAA commercial certifb01cate unless specifb01cally authorized under FAR 91.501 or FAR 91.321.)
A typical dry lease lasts upwards of two years and bears certain conditions with respect to depreciation, maintenance, insurances, etc., depending also on the geographical location, political circumstances, etc.
Leasing an aircraft can be an alternative to outright purchase for a variety of reasons ranging from practicality to cash flow. There are a wide variety of leasing options available, each with specific advantages and disadvantages. In general terms, a lease is a transfer of an aircraft without transfer of title.
An operating lease is a short-term lease for the use and possession of the aircraft by the lessee for a specified amount of time typically less than the full life of the aircraft.
Aircraft leases are leases used by airlines and other aircraft operators. Airlines lease aircraft from other airlines or leasing companies for two main reasons: to operate aircraft without the financial burden of buying them, and to provide temporary increase in capacity.
Dry lease: In a dry lease, the owner provides the aircraft to the lessee without a crew. Neither party is required to have an air carrier certificate so long as the aircraft does not carry people or property for compensation or hire.
In layman's terms, leasing simply means transferring an aircraft without transferring its title. The owner (aka the lessor) keeps the legal title but possession transfers to the lessee.
