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Used Aircraft Purchase Agreement

19 Dec Posted by in Uncategorized | Comments
Used Aircraft Purchase Agreement

But “as-is, where-is” is a misleading expression. If a closet for sale in an antique store has a sign with the inscription “as it is,” it means: “What you see is what you get; it has problems that cannot be solved, and even if they are, we do not solve them. But unless you buy a “wholesale” jet, the sales contract should consider that the seller will provide an aircraft capable of flying, as advertised equipped and with everything that works properly. It is only at closing that the buyer accepts the aircraft “as it should be”, subject to a guarantee of ownership of the seller. Once the ACT has been signed and a deposit has been funded, it is time to design a sales contract. Who would do that? If you buy a new aircraft (and in some cases even a used aircraft) from a manufacturer, don`t think for a moment that there is a chance to design the contract; The manufacturer will present a draft contract in its standard form. However, in other cases, the party entitled to submit the first draft is being negotiated. The total purchase price of the aircraft is (b) The performance, supply and delivery of the contract by the seller have been duly approved by all necessary measures on behalf of the seller and are not in contradiction with a violation of any of the conditions or causing a delay from a document, instrument or agreement in which the seller is involved. A contract to purchase an aircraft should be based on a LOI (Letter of Intent), an offer to purchase, an agenda or a similar document. The LOI defines the main terms of the sale and defines the terms of the overall contract. LOIs are often non-binding, and the sales contract is often the first pact with teeth.

Legal experts generally argue that the LOI should cover all the key points of the agreement, because if the agreement does, negotiation on the sales contract will be much easier. That may be true, but it is a mistake to try to make the LOI a mini-sales contract. If that is the objective, why not give up the LOI and just negotiate a contract? 1.1 (a) Subject to the provisions of this Agreement, the seller undertakes to sell and deliver the buyer and the buyer agrees to purchase and take all rights to the seller. The title and interest in and for this specific registration number – and the FAA registration number N__________; with two ___Modellmotoren bearing the manufacturer`s serial numbers – and all equipment, features, accessories, instruments and components as well as any other parts attached to them, all equipment and spare parts in bulk, as well as all aeronautical documents referred to in point 1.1 (b) and as shown in Appendix A (all the above are described above). which are referred to as “airplane”) together. NOW, THEREFORE, taking into account the reciprocal commitments and agreements included in this context and for other good and valuable considerations, the parties agree in this regard as follows: (g) Seller undertakes to compensate and retain the purchasers unscathed from and against any claim of a broker or other party that has an interest in the aircraft or the purchase price of a real or presumed relationship or agreement with the seller. Speaking of conclusion, the sales contract should define in detail how it will work. Many business jets are sold in “escrow closures” where an attorney (usually in Oklahoma City, Oklahoma, near the U.S.

Aircraft Registry) holds all important documents and funds and, if ordered, wired money and files documents for registration in the United States.

 

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