Aircraft Dry Lease Agreement Template For Aircraft
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FAQ
With a dry lease, an aircraft owner/lessor leases an aircraft to a lessee/operator without a crew. Neither the lessor nor the lessee is required to hold a charter certificate. In a dry lease situation, the lessee provides its own crew and exercises operational control of its flights.
Put simply, the aircraft lease agreement for a financing lease is similar to a loan agreement; so long as the lessee pays installments and materially performs any other obligations under the lease, the lessor won't interrupt the lessee's use and operation of the aircraft during the lease term.
In a ?dry? lease situation, the lessee provides its own crew and the lessee exercises operational control of its flights. A lessee under a dry lease is permitted to operate under 14 CFR Part 91 and is not required to comply with many of the more restrictive and costly requirements of Parts 121 or 135.
In a dry lease, the lessee (the party leasing the aircraft) gains possession and control of the aircraft, but they are responsible for all the operational aspects, including flight crew, maintenance, insurance, fuel, and other operational expenses.
Dry lease: In a dry lease, the owner provides the aircraft to the lessee without a crew. Neither party is required to have an air carrier certificate so long as the aircraft does not carry people or property for compensation or hire.