Aircraft Time Sharing Agreement
What this document covers
The Aircraft Time Sharing Agreement is a legal contract that allows an aircraft owner (Lessor) to lease the aircraft to a non-owner third party (Lessee) for personal use incidental to business travel. This agreement differs from standard aircraft leases by incorporating the provision of flight crew services, ensuring a safe and compliant operation during the time-sharing arrangement. It sets forth the terms under which the Lessee can use the aircraft while outlining their reimbursement obligations for associated costs.
Main sections of this form
- Provision of Aircraft and Crew: Outlines responsibilities for providing the aircraft and fully qualified flight crew.
- Term: Specifies the duration of the agreement and conditions for termination.
- Reimbursement of Expenses: Details the costs that Lessee is responsible for during the use of the aircraft.
- Flight Requests: Describes how Lessee should communicate flight requests to Lessor.
- Operational Authority and Control: Clarifies Lessor's authority over aircraft operations and safety measures.
- Insurance: Mandates the type of insurance to be maintained by Lessor during the term of the agreement.
When this form is needed
This form is necessary when an aircraft owner wants to provide access to their aircraft for personal or business travel to another party while maintaining control and responsibility over the aircraftâs operation. It is particularly relevant in corporate settings where employees or executives may need to travel on short notice but require assurance of flight crew availability and operational safety.
Intended users of this form
- Aircraft owners looking to lease out their aircraft occasionally.
- Businesses that need to provide transportation to employees while ensuring compliance with aviation regulations.
- Individuals who want to use aircraft for personal trips related to business activities.
Instructions for completing this form
- Identify the parties: Fill in the names and details of the Lessor and Lessee.
- Specify the aircraft: Provide the Manufacturerâs Serial Numbers and FAA Registration Numbers as detailed in Schedule A.
- Determine the term: Enter the commencement date and any applicable termination conditions.
- Outline reimbursement details: Familiarize yourself with the expenses that will be invoiced and ensure they align with FAR regulations.
- Sign the agreement: Have both parties sign and date the agreement in the designated sections.
Notarization requirements for this form
This form does not typically require notarization unless specified by local law. However, having it notarized can add an extra layer of authenticity and trust between parties.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to clearly specify reimbursement costs, leading to disputes later.
- Not ensuring that the aircraft owner maintains compliance with FAA regulations throughout the term.
- Incomplete information about the parties involved or the aircraft can invalidate the agreement.
Why use this form online
- Convenience of downloading and completing the form at your own pace.
- Editable fields allow for customization to suit specific needs and situations.
- Access to legal templates drafted by licensed attorneys ensures that the agreement meets industry standards.
Legal use & context
- This agreement is legally binding when properly executed and can be enforced in a court of law.
- Both parties should retain copies of the signed agreement for their records.
- Consulting with legal counsel before entering into this agreement is advisable to ensure compliance with all applicable regulations.
