An Aircraft Purchase Letter of Intent is a crucial preliminary document used in the early stages of aircraft acquisition negotiations. It is employed when parties have reached initial understanding on key commercial terms but before proceeding to a detailed purchase agreement. This document, governed by Irish law and compliant with EU aviation regulations, typically outlines the fundamental aspects of the proposed transaction including aircraft details, purchase price, timeline, and any exclusivity arrangements. While predominantly non-binding, certain provisions such as confidentiality and exclusivity are typically binding on the parties. The document serves as a roadmap for the transaction, facilitating the due diligence process and subsequent negotiation of the definitive purchase agreement. It must align with Irish aviation regulations, EU requirements, and international aviation conventions to which Ireland is a party.
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1. Parties: Full legal names and addresses of both the prospective seller and buyer of the aircraft
2. Aircraft Details: Specific identification of the aircraft including manufacturer, model, serial number, and current registration
3. Purchase Price: Proposed purchase price and currency, including any deposit requirements and payment structure
4. Timeline: Proposed timeline for due diligence, negotiation of definitive agreements, and closing
5. Due Diligence: Scope of technical and legal inspection rights and access to aircraft records
6. Key Commercial Terms: Essential terms including delivery location, condition at delivery, and any major conditions
7. Binding Provisions: Explicitly stating which provisions are binding (typically confidentiality, exclusivity, and governing law)
8. Expiration: Clear statement of when the LOI expires if not converted to a definitive agreement
9. Execution: Signature blocks for authorized representatives of both parties
1. Exclusivity Period: Used when seller agrees not to negotiate with other parties for a specified period
2. Deposit Terms: Include when a deposit is required, specifying amount, timing, and whether refundable
3. Broker/Agent Details: Include when transaction involves brokers or agents, specifying their roles and commission arrangements
4. Pre-Delivery Inspection: Detailed inspection requirements if specific checks are needed before proceeding to final agreement
5. Financing Contingency: Include when buyer's obligation is contingent on obtaining financing
6. Export/Import Requirements: Include when aircraft will be exported/imported, outlining specific requirements
7. Transaction Expenses: Include when parties want to specify responsibility for various transaction costs
1. Aircraft Specifications: Detailed technical specifications of the aircraft, including equipment and modifications
2. Due Diligence Requirements: Specific list of documents and records to be provided for inspection
3. Preliminary Delivery Schedule: Proposed timeline with key milestones and deadlines
4. Required Documentation: List of certificates, permits, and other documents required for the transaction
5. Price Calculation: Breakdown of purchase price components and adjustments if applicable
Relevant legal definitions
Aircraft
Airframe
Engines
Aircraft Documents
Applicable Law
Aviation Authority
Business Day
Closing
Closing Date
Confidential Information
Definitive Agreements
Deposit
Due Diligence
Effective Date
Exclusivity Period
Governing Law
IAA
Inspection Period
Letter of Intent
Manufacturer
Party/Parties
Pre-Purchase Inspection
Purchase Price
Seller's Representatives
Buyer's Representatives
Technical Acceptance
Title Transfer Documents
Transaction
Cape Town Convention
International Registry
Airworthiness Directives
Delivery Location
Delivery Date
Aircraft Records
Technical Inspection
Airframe
Engines
Aircraft Documents
Applicable Law
Aviation Authority
Business Day
Closing
Closing Date
Confidential Information
Definitive Agreements
Deposit
Due Diligence
Effective Date
Exclusivity Period
Governing Law
IAA
Inspection Period
Letter of Intent
Manufacturer
Party/Parties
Pre-Purchase Inspection
Purchase Price
Seller's Representatives
Buyer's Representatives
Technical Acceptance
Title Transfer Documents
Transaction
Cape Town Convention
International Registry
Airworthiness Directives
Delivery Location
Delivery Date
Aircraft Records
Technical Inspection
Clauses
Purchase and Sale
Purchase Price
Deposit
Aircraft Description
Confidentiality
Exclusivity
Due Diligence
Technical Inspection
Conditions Precedent
Timeline
Representations and Warranties
Aircraft Documentation
Binding Effect
Non-Binding Effect
Expenses
Broker Fees
Governing Law
Jurisdiction
Assignment
Notices
Term and Termination
Good Faith
Entire Agreement
Amendments
Counterparts
Export/Import Requirements
Registration Requirements
Insurance
Force Majeure
Regulatory Compliance
Purchase Price
Deposit
Aircraft Description
Confidentiality
Exclusivity
Due Diligence
Technical Inspection
Conditions Precedent
Timeline
Representations and Warranties
Aircraft Documentation
Binding Effect
Non-Binding Effect
Expenses
Broker Fees
Governing Law
Jurisdiction
Assignment
Notices
Term and Termination
Good Faith
Entire Agreement
Amendments
Counterparts
Export/Import Requirements
Registration Requirements
Insurance
Force Majeure
Regulatory Compliance
Relevant Industries
Aviation
Aerospace
Transportation
Leasing
Financial Services
Insurance
Manufacturing
Tourism
Logistics
Defense
Relevant Teams
Legal
Finance
Operations
Commercial
Technical Operations
Risk Management
Compliance
Procurement
Asset Management
Business Development
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Fleet Manager
Aviation Director
Legal Counsel
Commercial Director
Head of Procurement
Risk Manager
Technical Operations Director
Compliance Officer
Aircraft Transaction Manager
Aviation Finance Manager
Operations Director
Business Development Director
Asset Manager
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