A IRCRAFT P URCHASE T RANSACTIONS W HAT Y OU N EED TO K NOW BEFORE T AKEOFF Frank C. Sutherland Boardman & Clark LLP (608) 286-7243

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Presentation transcript:

A IRCRAFT P URCHASE T RANSACTIONS W HAT Y OU N EED TO K NOW BEFORE T AKEOFF Frank C. Sutherland Boardman & Clark LLP (608)

When is an escrow advisable? 1.Risk associated with geographic location 2.Reliability of the seller 3.Timing of fund transfers/pre- positioning funds 4.Amount of deposit at risk Frank C. Sutherland | Boardman & Clark LLP 2

Records review and approval 1.Specific requirements at time of LOI 2.Status of review at time of PA 3.Status of review, if any, at time of closing 4.Customer and strategic partner requirements Frank C. Sutherland | Boardman & Clark LLP 3

Required liability insurance for part-out transactions 1.Expectations for aircraft retirement versus return to service 2.Warranties regarding part-out 3.Post-closing verification 4.Indemnity obligations Frank C. Sutherland | Boardman & Clark LLP 4

Dispute resolution 1.What law applies? 2.What is the forum for disputes? 3.Who will pay the lawyers? 4.Deposit return provisions Frank C. Sutherland | Boardman & Clark LLP 5

Obtaining clear title to assets 1.FAA (or national) aircraft registry and International Registry 2.Certain mechanics liens not necessarily disclosed 3.Ownership trace 4.Warranties and Bill of Sale Frank C. Sutherland | Boardman & Clark LLP 6