The Aircraft Purchase Letter of Intent is a crucial preliminary document used in the early stages of aircraft acquisition transactions in Hong Kong. It serves as a roadmap for the transaction, outlining the parties' intentions and key commercial terms while providing a framework for subsequent negotiations. This document is typically used when parties have reached initial agreement on fundamental terms but before conducting detailed due diligence or drafting the final purchase agreement. It must comply with Hong Kong aviation regulations and commercial law principles, including the Civil Aviation Ordinance and relevant international conventions. The LOI usually contains both binding elements (such as confidentiality and exclusivity provisions) and non-binding elements (such as proposed purchase terms), making it a versatile tool in aircraft transaction structuring.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background/Introduction: Brief context of the proposed transaction and parties' intentions
3. Definitions: Key terms used in the LOI, keeping it minimal compared to a full purchase agreement
4. Aircraft Description: Basic description of the aircraft including manufacturer, model, serial number, and registration
5. Purchase Price: Proposed purchase price and basic payment terms
6. Deposit: Amount, timing, and conditions for deposit payment and holding
7. Due Diligence: Overview of inspection rights and documentation review process
8. Exclusivity: Period during which seller won't negotiate with other parties
9. Confidentiality: Basic confidentiality obligations regarding the proposed transaction
10. Duration: Validity period of the LOI and conditions for extension
11. Binding Effect: Clear statement of which provisions are binding and non-binding
1. Conditions Precedent: Include when there are specific conditions that must be met before proceeding to definitive agreements
2. Regulatory Approvals: Include when specific regulatory clearances are required for the transaction
3. Break Fee: Include when parties want to specify compensation if either party withdraws under certain circumstances
4. Transaction Timeline: Include when parties want to set specific deadlines for key transaction milestones
5. Financing Contingency: Include when purchase is subject to buyer obtaining financing
6. Broker/Agent Provisions: Include when transaction involves brokers or agents
7. Governing Law and Jurisdiction: Include when parties want to specify law governing the binding provisions
1. Aircraft Specifications: Detailed technical specifications of the aircraft
2. Current Aircraft Status: Current maintenance status, damage history, and major modifications
3. Key Commercial Terms: Summary of principal commercial terms for reference in definitive agreement
4. Required Documentation: List of documents to be provided during due diligence
5. Delivery Conditions: Expected condition of aircraft at delivery and any required repairs or modifications
Authors
Relevant legal definitions
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Relevant Industries
Aviation
Aerospace
Transportation
Finance
Insurance
Legal Services
Commercial Aviation
Private Aviation
Aircraft Leasing
Manufacturing
Relevant Teams
Legal
Finance
Operations
Procurement
Risk Management
Compliance
Technical Operations
Commercial
Business Development
Corporate Affairs
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Fleet Manager
Aviation Director
Legal Counsel
Corporate Lawyer
Finance Director
Operations Director
Procurement Manager
Risk Manager
Commercial Director
Technical Director
Aviation Compliance Officer
Contract Manager
Business Development Manager
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