An Aircraft Purchase Letter of Intent (LOI) is a crucial preliminary document used in aviation transactions within the UAE to establish the fundamental terms of an aircraft purchase before proceeding to a detailed purchase agreement. This document operates under UAE law, specifically Federal Act No. 20 of 1991 and related aviation regulations, with oversight from the General Civil Aviation Authority (GCAA). It serves as a roadmap for the transaction, typically including aircraft specifications, proposed purchase price, inspection rights, exclusivity periods, and key conditions precedent. While mostly non-binding except for specific provisions like confidentiality and exclusivity, it demonstrates serious intent to proceed with the transaction and provides a framework for due diligence and subsequent negotiations. The document must comply with both UAE civil aviation requirements and international aviation conventions to which the UAE is a signatory.
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1. Opening and Date: Formal letter opening with date and addressee details
2. Parties Identification: Full legal names and addresses of both buyer and seller
3. Subject Line: Clear identification of the document as a Letter of Intent for Aircraft Purchase
4. Aircraft Details: Specific identification of the aircraft including make, model, serial number, and registration
5. Purchase Price: Proposed purchase price and basic payment terms
6. Transaction Timeline: Expected dates for key milestones including inspection, closing, and delivery
7. Due Diligence: Overview of the inspection and documentation review process
8. Conditions Precedent: Key conditions that must be met before proceeding to final agreement
9. Exclusivity Period: Period during which seller agrees not to negotiate with other parties
10. Non-Binding Nature: Clear statement about which provisions are binding and non-binding
11. Expiration Date: Validity period of the LOI
12. Governing Law: Specification of UAE law as governing law
13. Signature Blocks: Space for authorized signatures from both parties
1. Deposit Terms: Include when a good faith deposit is required, specifying amount and conditions
2. Confidentiality: Include when parties want specific confidentiality provisions beyond standard business practice
3. Broker/Agent Recognition: Include when brokers or agents are involved in the transaction
4. Assignment Rights: Include when either party may need to assign their rights under the LOI
5. Cost Allocation: Include when parties want to specify responsibility for transaction costs
6. Foreign Registration: Include when aircraft will be registered in a different jurisdiction post-purchase
7. Maintenance Condition: Include when specific maintenance conditions need to be met before sale
8. Currency and Exchange: Include when transaction involves multiple currencies
9. GCAA Requirements: Include specific UAE aviation authority requirements when relevant
1. Aircraft Specifications: Detailed technical specifications of the aircraft
2. Current Aircraft Status: Current maintenance status, damage history, and modification status
3. Required Documentation: List of documents required for due diligence and transfer
4. Payment Schedule: Detailed breakdown of payment terms and milestone payments if applicable
5. Pre-Purchase Inspection Scope: Detailed scope of the pre-purchase inspection requirements
6. Delivery Conditions: Specific conditions the aircraft must meet at delivery
7. Insurance Requirements: Details of required insurance coverage during transaction process
Authors
Relevant legal definitions
Clauses
Relevant Industries
Aviation
Commercial Airlines
Private Aviation
Corporate Transportation
Tourism and Hospitality
Logistics and Cargo
Oil and Gas
Executive Transportation
Aircraft Leasing
Medical and Emergency Services
Government and Defense
Relevant Teams
Legal
Finance
Operations
Procurement
Risk Management
Compliance
Technical Operations
Fleet Management
Corporate Development
Aviation Operations
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Fleet Acquisition Manager
Aviation Director
Legal Counsel
Commercial Director
Technical Operations Manager
Risk Manager
Procurement Manager
Aviation Compliance Officer
Fleet Planning Manager
Corporate Secretary
Director of Operations
Investment Manager
Asset Manager
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