The aircraft general terms agreement is a contractual agreement developed in the written format, in order to make a transaction. The agreement is needed at the time of making an aircraft purchase. The agreement involves the support and function of various professionals such as aircraft broker, an aviation attorney, lender, an aviation title company and aircraft mechanics.
This agreement is drafted by the aviation attorney. The agreement paper outlines all the valid terms and conditions of the purchase. The specific informations that are included in the agreement paper are:
- Amount of purchase.
- Amount of deposit.
- Whether the deposit is refundable or non refundable.
- The associated terms and conditions, if the deposit amount is refundable.
- The time and place for inspection and checking prior to the purchase.
- The warranty associated with the aircraft.
After the general terms agreement is executed by both the buyer and seller, the delivery process is undertaken.
[Also Read: Aircraft Mortgage and Security Agreement]
Sample for Aircraft General Terms Agreement
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