An Aircraft Purchase Letter of Intent is commonly used in the initial stages of aircraft acquisition to establish the fundamental terms of the transaction. This document, while typically non-binding except for certain provisions like confidentiality and exclusivity, serves as a roadmap for the transaction under U.S. jurisdiction. It includes essential elements such as aircraft identification, proposed purchase price, inspection rights, and closing conditions. The LOI helps parties align their expectations before investing significant time and resources in due diligence and definitive agreement preparation.
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1. Parties: Identification of buyer and seller, including full legal names and addresses
2. Aircraft Description: Detailed specification of the aircraft including make, model, serial number, registration number, and current configuration
3. Purchase Price: Proposed purchase price and payment terms
4. Due Diligence Period: Timeframe and terms for inspection and technical review of the aircraft
5. Deposit Terms: Amount, timing, and conditions of deposit payment and escrow arrangements
6. Closing Conditions: Prerequisites that must be met before final purchase
7. Title and Registration: Requirements for clean title transfer and registration
8. Binding Nature Statement: Clear statement of which provisions are binding vs. non-binding
9. Termination Rights: Conditions under which either party may terminate the LOI
1. Financing Contingency: Terms related to buyer's ability to secure financing - include when buyer requires external financing
2. Export/Import Provisions: Requirements for international transfer of aircraft - include when aircraft will cross international borders
3. Maintenance Condition Requirements: Specific maintenance conditions to be met before closing - include when specific maintenance status is crucial to the deal
4. Exclusivity Period: Duration during which seller agrees not to negotiate with other parties - include when exclusivity is requested by buyer
1. Aircraft Specifications Schedule: Detailed technical specifications of the aircraft
2. Equipment List: Inventory of equipment and accessories included in the sale
3. Maintenance Records Schedule: List of required maintenance records to be provided
4. Pre-Purchase Inspection Scope: Detailed outline of inspection requirements and procedures
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