An aircraft dry lease agreement sample is a document that outlines the terms and conditions of leasing an aircraft from one party to another. This type of lease agreement is different from a wet lease agreement, where the lessor provides not only the aircraft but also the crew, maintenance, and insurance. In a dry lease agreement, the lessee provides all of these services and more, making it a popular option for airlines and other aviation companies looking to expand their fleet without the added costs of personnel and maintenance.

When creating an aircraft dry lease agreement, it`s important to include several key components. These include:

1. Rent and duration: The lease agreement should clearly state the amount of rent to be paid and the duration of the lease. This can be a fixed term or an open-ended agreement, depending on the needs of both parties.

2. Maintenance and repairs: The lessee is responsible for all maintenance and repairs to the aircraft during the lease term. This should be clearly outlined in the agreement, along with any specific requirements or guidelines for maintenance.

3. Insurance: The lessee is typically required to provide insurance for the aircraft during the lease term. This can include liability insurance, hull insurance, and other types of coverage.

4. Use and restrictions: The agreement should outline how the aircraft can be used, including any restrictions or limitations on where it can fly and how it can be operated.

5. Termination: The lease agreement should include provisions for termination, including any penalties or fees for early termination.

Now that you understand the components of an aircraft dry lease agreement, let`s take a look at a sample agreement:

Aircraft Dry Lease Agreement

This Agreement (the “Agreement”), made and entered into as of the ______ day of ________, 20____, between [LESSOR], a corporation organized and existing under the laws of [STATE], having its principal place of business at [ADDRESS], and [LESSEE], a corporation organized and existing under the laws of [STATE], having its principal place of business at [ADDRESS].

1. Lease. Lessor agrees to lease to Lessee, and Lessee agrees to lease from Lessor, the aircraft described in Exhibit A attached hereto (the “Aircraft”), for the term set forth in Section 2 below, subject to the terms and conditions set forth in this Agreement.

2. Term. The term of this Agreement shall commence on ________, 20____, and shall continue for ___________ months (the “Term”), unless earlier terminated as provided in this Agreement.

3. Rent. Lessee shall pay Lessor rent in the amount of $__________ per month for the Term, payable in advance on the first day of each month, beginning on ________, 20____.

4. Maintenance and Repairs. Lessee shall be responsible for all maintenance and repairs to the Aircraft during the Term, in accordance with the manufacturer`s recommendations and all applicable regulations. Lessee shall ensure that the Aircraft is maintained in an airworthy condition at all times during the Term.

5. Insurance. Lessee shall obtain and maintain during the Term, at its expense, insurance covering the Aircraft in an amount not less than the full value of the Aircraft. Such insurance shall include, but not be limited to, hull coverage, liability coverage, and war risk coverage.

6. Use and Restrictions. Lessee shall use the Aircraft solely for the purpose of operating commercial air transportation services. Lessee shall not use the Aircraft for any unlawful purpose or in any manner that would violate any applicable law or regulation.

7. Termination. This Agreement may be terminated by either party upon __________ days` written notice to the other party. In the event of termination by Lessee prior to the expiration of the Term, Lessee shall be liable for all rent due for the balance of the Term.

8. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of __________.

In conclusion, an aircraft dry lease agreement sample is a crucial document for any aviation company looking to lease an aircraft. By including the key components outlined in this article, both the lessor and lessee can protect their interests and ensure a successful leasing experience.