An Aircraft Purchase Letter of Intent is a crucial preliminary document used in aviation transactions under Canadian jurisdiction. It serves as the initial step in aircraft acquisition processes, whether for commercial airlines, private operators, or corporate entities. The document is typically employed when parties have reached a preliminary understanding on key commercial terms but before conducting detailed due diligence or drafting the final purchase agreement. It outlines essential elements such as aircraft identification, proposed price, payment structure, inspection rights, and exclusivity periods. While primarily non-binding, certain provisions like confidentiality and exclusivity are usually made explicitly binding. The document must comply with Canadian aviation regulations and commercial law principles, particularly the federal Aeronautics Act and relevant provincial contract law.
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1. Identification of Parties: Full legal names and addresses of the potential buyer and seller
2. Aircraft Description: Detailed description of the aircraft including make, model, serial number, registration number, and year of manufacture
3. Purchase Price: Proposed purchase price and currency
4. Payment Terms: Structure of payments including deposit amount and timing
5. Due Diligence Period: Timeframe and scope for technical inspection and document review
6. Conditions Precedent: Key conditions that must be met before proceeding to final purchase agreement
7. Exclusivity Period: Period during which seller agrees not to negotiate with other potential buyers
8. Timeline: Expected timeline for due diligence, purchase agreement execution, and closing
9. Confidentiality: Terms regarding confidentiality of negotiations and information exchange
10. Governing Law: Specification of applicable law (Canadian) and jurisdiction
11. Non-Binding Nature: Clear statement of which provisions are binding and non-binding
1. Broker/Agent Representation: Include when transaction involves aircraft brokers or agents
2. Export/Import Provisions: Include for international transactions requiring aircraft export/import
3. Maintenance Condition Requirements: Include when specific maintenance conditions must be met before purchase
4. Financing Contingency: Include when purchase is contingent on buyer obtaining financing
5. Insurance Requirements: Include when specific insurance arrangements are needed during inspection period
6. Current Lease/Operations: Include when aircraft is currently under lease or specific operational arrangements
7. Transaction Costs Allocation: Include when parties agree to specific allocation of transaction costs
1. Aircraft Specifications: Detailed technical specifications of the aircraft
2. Current Equipment List: List of current aircraft equipment and accessories
3. Maintenance Status Summary: Summary of maintenance status and upcoming requirements
4. Due Diligence Requirements: Detailed list of required inspections and documentation review
5. Required Documents: List of documents to be provided for review during due diligence
6. Payment Schedule: Detailed breakdown of payment structure and timing
Authors
Relevant legal definitions
Clauses
Relevant Industries
Commercial Aviation
Private Aviation
Aircraft Manufacturing
Aviation Services
Aircraft Leasing
Transportation
Aerospace
Corporate Transportation
Aviation Insurance
Aviation Finance
Relevant Teams
Legal
Finance
Operations
Procurement
Risk Management
Technical Operations
Compliance
Executive Leadership
Commercial
Fleet Management
Business Development
Contract Administration
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Fleet Manager
Aviation Director
Corporate Counsel
Legal Counsel
Aviation Attorney
Procurement Manager
Technical Operations Director
Risk Manager
Commercial Director
Aviation Finance Manager
Compliance Officer
Operations Manager
Aircraft Acquisition Specialist
Business Development Manager
Contract Administrator
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