The following Banking & Finance guidance note Produced in partnership with Norton Rose Fulbright provides comprehensive and up to date legal information covering:
Purchase agreements for second hand aircraft are entered into between an aircraft owner (as the seller) and, in the majority of circumstances, an airline or aircraft leasing company (as the buyer). The terms of purchase agreements are usually kept confidential between the parties but some terms will be disclosed to a lender to the buyer if it is providing the airline with funding with respect to an aircraft to be purchased in accordance with the terms of that purchase agreement.
There is no standard form purchase agreement with respect to second hand aircraft, although some sellers will have a form of purchase agreement which they prefer to enter into with their customers. The requirements of different parties in relation to second hand aircraft sale and purchases and the commercial details of such transactions vary considerably, and are discussed in more detail below.
This clause sets out the aircraft seller’s agreement to sell and the buyer’s agreement to purchase the aircraft, and may relate to one or more aircraft. The agreement to sell and purchase will usually express that the aircraft is to be sold in an ‘as is, where is’ condition and will be subject to the fulfilment of certain conditions by each party, which are broadly as follows:
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.