What are the laws regarding aircraft leasing?
In Delaware, aircraft leasing is governed by state law. The state’s general rules of contract law are applicable to aircraft leases, as well as any other form of contract. The parties to a lease must agree to all of the terms, including the duration, purpose and amount of rent. In Delaware, aircraft leases generally include provisions for insurance coverage, maintenance and repair, indemnification and liability of the parties, and other items of importance. Aircraft leasing should also include a provision for the right to terminate the lease, as well as a provision for the return of the aircraft and any associated equipment. Aircraft leasing in Delaware is also subject to federal law. The Federal Aviation Administration (FAA) regulates aircraft operations, leasing agreements, safety, and other issues. Aircraft owners must register their aircraft with the FAA, and all aircraft must be maintained and operated in accordance with FAA rules and regulations. Leasing an aircraft in Delaware involves a significant investment of money, time and resources. Before entering into an aircraft lease, both parties should thoroughly review all of the terms and conditions of the agreement and be aware of the applicable laws and regulations. An attorney specializing in aircraft law should also be consulted to ensure the interests of both parties are protected and the agreement is legally enforceable.
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