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Aircraft Purchase Transactions What You Need to Know before Takeoff

Aircraft Purchase Transactions What You Need to Know before Takeoff. Frank C. Sutherland Boardman & Clark LLP (608) 286-7243 fsutherland@boardmanclark.com. When is an escrow advisable?. Risk associated with geographic location Reliability of the seller

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Aircraft Purchase Transactions What You Need to Know before Takeoff

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  1. Aircraft Purchase TransactionsWhat You Need to Know before Takeoff Frank C. Sutherland Boardman & Clark LLP (608) 286-7243 fsutherland@boardmanclark.com

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

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

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

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

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

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