An aircraft lease agreement is a legal document that outlines the terms and conditions of leasing an aircraft from the owner to the lessee. It is a critical document that details the obligations of both parties, including the rental fee, maintenance and repair responsibilities, insurance requirements, and other essential provisions.
The following is an example of an aircraft lease agreement:
Lease Parties:
This aircraft lease agreement is made and entered into on [date] by and between the lessor [Lessor name and address], and the lessee [Lessee name and address].
Aircraft Details:
The aircraft that is being leased is [aircraft make and model], with [tail number and FAA registration number].
Lease Term:
The lease term starts on [Start date] and terminates on [End date]. The lessee shall return the aircraft to the lessor in good condition, subject to normal wear and tear.
Lease Payments:
The lessee shall pay [amount] per [hour, day, week, or month] as the rental fee for the leased aircraft. Payment is due on [due date]. In addition to the rental fee, the lessee shall pay for any additional expenses incurred during the lease term, including fuel costs, landing fees, and other fees as per the rental agreement.
Maintenance and Repairs:
The lessee shall be responsible for any and all maintenance and repairs required during the lease term. The lessee shall maintain the aircraft in an airworthy condition and shall not use the aircraft for any illegal or unauthorized activities.
Insurance:
The lessee shall maintain comprehensive liability insurance coverage to protect the aircraft against any damage, loss, or liability that may arise during the lease term. The lessee shall provide the lessor with proof of insurance coverage before taking possession of the aircraft.
Termination of Agreement:
Either party may terminate this agreement in the event of a breach of any term or condition of this agreement. The lessor shall have the right to terminate this agreement immediately in case of any breach by the lessee.
Governing Law and Jurisdiction:
This agreement shall be governed by and construed in accordance with the laws of [country or state]. Any disputes arising from this agreement shall be resolved through arbitration in [city and state], or through a court of competent jurisdiction in [city and state].
This is just an example of an aircraft lease agreement, and it is important to note that every lease agreement will likely have unique terms specific to the individual lease agreement. It is essential to work with a legal expert when drafting or reviewing an aircraft lease agreement to ensure that it is comprehensive and protects the interests of both parties involved.
