Aircraft Operating Leasing is the first comprehensive description of lease law as applied to aircraft. Although aircraft leasing is comparatively new as a commercial activity (less than forty years old in practical terms), already well over a quarter of the world’s commercial aircraft fleet is leased. The legal significance of aircraft leasing is, therefore, growing very quickly. Bringing together the laws affecting both air travel and leasing can, however, be challenging. This book is the first to assume this task in a focused way, thus providing invaluable expert guidance to practitioners handling aircraft lease agreements, as well as to legal academics and students.
What’s in this book:
This second edition takes account of developments in law and practice since the first edition and builds on the feedback received on the first edition. The author in this second edition examines the aircraft operating lease from both a legal and practical point of view and contextualizes it in light of the latest public and private international air law agreements, case law, statutes, and regulations from a variety of jurisdictions and current literature in the field:
- the obligations and rights of each party;
- failure to meet delivery condition before delivery;
- standby letters of credit and guarantees;
- regulatory constraints concerning aircraft registration or foreign remittances;
- manufacturer’s warranties;
- possession and replacement of parts and engines;
- subleasing;
- damage to the aircraft and other loss to lessor;
- liability for damage to third parties;
- safety issues and lessor’s liability for acts of the airline;
- the events that will entitle the lessor to terminate the contract and recover its asset;
- issues pertaining to enforcement of remedies; and
- governing law.
The format broadly follows that of a typical aircraft operating lease. The author flags the principal legal issues to be considered in developing a standard form of aircraft operating lease and makes recommendations in that regard. His approach balances the desired commercial outcome with the legal, or more theoretical, mandate to apply the law to disputes that may arise.
How this will help you:
This book is a comprehensive and practical guide to aircraft leasing. As an immensely useful supplement, this book sets out a real example of a form of aircraft operating lease for a used aircraft, as used by a leading commercial aircraft leasing company. As a detailed examination of each part of the lease with particular reference to the impact on each term of relevant case law, statutes, regulations and international treaties, this work greatly enhances the understanding of the legal and practical aspects of the aircraft operating lease.
