The Aircraft Purchase Letter of Intent is a crucial preliminary document used in aviation transactions in Australia when parties wish to formalize their initial understanding before proceeding to a definitive purchase agreement. It captures the essential commercial terms of the proposed aircraft purchase while allowing flexibility for detailed negotiations. The document typically includes aircraft specifications, price, payment structure, inspection rights, and key conditions, while ensuring compliance with Australian aviation regulations and international conventions. While mostly non-binding, certain provisions like confidentiality may be explicitly binding. This document is particularly important in high-value aviation transactions as it helps align parties' expectations and provides a roadmap for due diligence and final negotiations.
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1. Parties: Identification of the prospective seller and buyer, including full legal names and addresses
2. Background/Recitals: Brief context of the proposed transaction and parties' intentions
3. Definitions: Key terms used throughout the letter
4. Aircraft Description: Detailed identification of the aircraft including manufacturer, model, serial number, and registration
5. Purchase Price: Proposed purchase price and currency
6. Payment Terms: Structure of payments including deposit, progress payments, and final payment
7. Due Diligence: Rights and process for technical inspection and document review
8. Conditions Precedent: Key conditions that must be met before proceeding to final purchase agreement
9. Timeline: Proposed schedule for key milestones including inspection, negotiation, and closing
10. Binding/Non-binding Provisions: Clear statement of which provisions are binding (typically confidentiality, exclusivity if applicable, and governing law)
11. Governing Law: Specification of Australian law as governing law
12. Execution: Signature blocks and execution details
1. Exclusivity: Used when seller agrees not to negotiate with other parties for a specified period
2. Broker/Agent Provisions: Required when transaction involves brokers or agents, specifying their roles and commissions
3. Foreign Investment Provisions: Needed when buyer is a foreign entity requiring FIRB approval
4. Maintenance Condition Requirements: Used when specific maintenance conditions must be met before purchase
5. Currency and Exchange Rate Provisions: Important for international transactions with different currencies
6. Export/Import Requirements: Necessary for international transactions requiring customs clearance
7. Third-Party Consents: When transaction requires approval from lessors, financiers, or other third parties
1. Aircraft Specifications: Detailed technical specifications of the aircraft, including configuration and equipment
2. Pre-Purchase Inspection Scope: Detailed requirements and scope for the technical inspection
3. Required Documentation: List of technical and commercial documents to be provided for due diligence
4. Payment Schedule: Detailed breakdown of payment amounts and timing
5. Delivery Conditions: Specific conditions the aircraft must meet at delivery
6. Known Issues List: List of known technical or regulatory issues with the aircraft
7. Transaction Timeline: Detailed schedule of key dates and milestones
Authors
Relevant legal definitions
Clauses
Relevant Industries
Aviation
Aerospace
Transportation
Finance and Banking
Insurance
Legal Services
Aircraft Leasing
Commercial Airlines
Private Aviation
Defense
Relevant Teams
Legal
Finance
Operations
Technical Operations
Procurement
Risk Management
Compliance
Fleet Management
Commercial
Aviation
Asset Management
Investment
Due Diligence
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Fleet Acquisition Manager
Aviation Legal Counsel
Head of Fleet Management
Director of Operations
Technical Operations Director
Procurement Manager
Risk Manager
Compliance Officer
Aviation Finance Manager
Fleet Planning Director
Chief Technical Officer
Commercial Director
Legal Director
Head of Aviation
Investment Manager
Asset Manager
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