What is the legal framework for aircraft leases?

In Texas, the legal framework for aircraft leases is found in the Business and Commerce Code. This code contains all of the statutes and regulations that govern aircraft leases. The code specifies what the lease agreement must include, such as the rental rate, the length of the lease, the responsibilities of the lessee and the lessor, and provisions for termination. The code also elaborates on the rights and responsibilities of both parties. For instance, the lessor has the right to receive regular payments and to maintain the aircraft in good condition. The lessee is obligated to use the aircraft in accordance with applicable laws and regulations. The Texas code also requires that aircraft leases be in writing, and that each party keep copies of the lease for their records. Furthermore, it outlines how disputes between the parties can be resolved, such as through arbitration or mediation. It is important for both parties to consult an experienced aviation attorney to ensure that the lease agreement complies with all applicable laws and regulations. This will help protect the rights of both parties and reduce the risk of a dispute arising in the future.

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What is the legal framework for aircraft leases?

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