IATA Aircraft Lease Guidance

Guidance Material and Best Practices for Aircraft Leases
After Lessor has received the draft Project Plan and no later than (X) months prior to the
end of the lease term (or if later, one month after Lessor’s receipt of the draft Project
Plan), Lessor and Lessee Project Managers will schedule a meeting for the purpose of:
e. reviewing, agreeing and finalizing the Project Plan to the extent possible at such time,
including the major milestones, and;
f. reviewing and clarifying the detailed Redelivery Conditions.
(ii) Stage 2 Project Plan. No later than (X) calendar days prior to the end of the lease term,
Lessee will provide Lessor with a draft revision of the Project Plan updated to include:
a. a task list and schedule dates for the Aircraft Documentation Review and acceptance by
Lessor, and;
b. confirmation of the induction date for the Aircraft redelivery check.
(iii) Stage 3 Project Plan. No later than (X) calendar days prior to the scheduled induction date
for the redelivery check, Lessee will provide Lessor with a draft revision of the Project Plan
updated to include a task list and scheduled dates for inspection and acceptance of the
Aircraft by Lessor during the redelivery check.
b) Project Managers will adhere to the initial Project Plan and the latest revision of the Project Plan
issued at each stage in accordance with Paragraph 2.4(a).
c) The Project Plan will provide that Lessee will present the Aircraft and the Aircraft Documentation
for inspection/review and acceptance by Lessor in stages as set forth in the Project Plan.
d) Lessor and Lessee will allocate sufficient resources to support the Project Plan.
e) The Project Plan will be managed and updated, as detailed above, by Lessee Project Manager
during the redelivery process. Any required changes to the Project Plan will be processed
pursuant to Paragraph 2.5(d) below.
2.5 Review Meetings
Prior to and/or during the redelivery process for the Aircraft, Lessor and Lessee Project Managers
will schedule regular review meetings (each such meeting, a "Review Meeting") to review progress
in relation to the Project Plan. Such Review Meetings may be conducted in person or by telephone.
At each Review Meeting, each Project Manager will:
a) discuss the general progress in relation to the Project Plan;
b) identify areas of concern that may prevent the Aircraft from being redelivered in accordance with
the Redelivery Conditions at the end of the lease term;
c) consider and consult on recovery plans that may involve the addition of resources from either
party to achieve the Project Objective, in each case in a manner consistent with the Project Plan
and the Project Objective and;
d) if Lessor or Lessee is aware of any delays or issues that could reasonably be expected to delay
the redelivery schedule, then it will notify in a timely manner the other party of such delays or
issues so that a suitable Review Meeting can be convened to consider arrangements that can be
put in place in order to mitigate the effects of the delays or issues and/or to implement a
66 4 th Edition 2017