An aircraft sales agreement is a legal contract wherein one business entity undertakes to buy a particular aircraft from the second business entity and these types of agreements are very common and essential in aviation industryas building an aircraft is a very resource intensive and time consuming activity and any default on part of any party can lead to huge damages and losses to the other party.
Moreover whenever an aircraft sales take place the buyer entity takes the responsibility to provide the maintenance know how and timely supply of requisite spare parts in a regular manner for a pre-defined period at pre-decided prices as the spare parts of a particular aircraft are available with the respective manufacturer only. An aircraft sales agreement generally consists of terms such as the make and model of aircraft being purchased, the time line for delivery of the final product, the quality standards, the payment structure and schedule and responsibilities in case of any default by any party.
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