The Aircraft Purchase Letter of Intent (LOI) is a crucial preliminary document used in aviation transactions within Saudi Arabia when parties wish to formally express their interest in an aircraft purchase while reserving the right to negotiate final terms. It serves as a roadmap for the transaction, outlining key commercial terms, conditions, and timelines while typically maintaining a non-binding nature except for specific provisions. The document must align with Saudi Arabian Civil Aviation regulations, commercial law, and Sharia principles, making it unique compared to similar documents in other jurisdictions. It's particularly important in the Saudi Arabian context where regulatory approval processes and compliance with local laws require careful consideration during the preliminary stages of aircraft transactions. The LOI typically precedes the more detailed Aircraft Purchase Agreement and helps secure exclusivity during negotiations while protecting confidential information exchanged during due diligence.
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1. Identification of Parties: Full legal names and addresses of both the potential buyer and seller
2. Aircraft Description: Specific details of the aircraft including make, model, serial number, and current registration
3. Purchase Price: Proposed purchase price and basic payment terms
4. Timeline: Expected timeline for due diligence, definitive agreement, and closing
5. Exclusivity: Period during which seller agrees not to negotiate with other potential buyers
6. Confidentiality: Basic confidentiality obligations regarding the proposed transaction
7. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified provisions
8. Governing Law: Specification of Saudi Arabian law as governing law
9. Expiration: Expiration date of the LOI if definitive agreement is not reached
1. Deposit Terms: Include when a good faith deposit is required, specifying amount and conditions
2. Due Diligence Access: Include when specific inspection or documentation review rights need to be outlined
3. Cost Allocation: Include when parties want to specify responsibility for transaction costs
4. Broker Recognition: Include when aircraft brokers are involved in the transaction
5. GACA Approval: Include when specific regulatory pre-approvals need to be obtained
6. Sharia Compliance: Include when specific Islamic finance principles need to be addressed
7. Foreign Investment Provisions: Include when the buyer is a foreign entity requiring specific approvals
1. Aircraft Specifications: Detailed technical specifications of the aircraft, including equipment and modifications
2. Current Aircraft Status: Details of aircraft's current condition, maintenance status, and damage history
3. Required Documentation: List of documents required for due diligence and transfer
4. Payment Schedule: If payment terms are complex, detailed breakdown of payment structure and timing
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Aerospace
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Commercial Airlines
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Aircraft Leasing
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Finance
Operations
Technical Operations
Procurement
Risk Management
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Investment
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Chief Executive Officer
Chief Financial Officer
Fleet Acquisition Manager
Aviation Director
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Aviation Asset Manager
Business Development Director
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