IATA Aircraft Lease Guidance

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Guidance Material and Best Practices for Aircraft Leasesin respect of the Aircraft or Aircraft Documentation and Lessor will inspect the specificrectification area of the Aircraft and the rectification item of the Aircraft Documentation toconfirm, whether in its reasonable opinion the rectification causes such Notified Discrepancy tomeet the Redelivery Conditions.When a Notified Discrepancy is rectified by Lessee, Lessor agrees that it will not raise any newdiscrepancies as part of such verification inspection unless the new discrepancy is related to thespecific Notified Discrepancy for which rectification action and re-inspection has been carriedout.c) Acceptable Discrepancies3. As is Where isLessee will endeavour to effect redelivery of the Aircraft with no Acceptable Discrepancies. AtLessee's request, however, Lessor (acting reasonably) will consider a commercial remedy foreach Acceptable Discrepancy. Where Lessor and Lessee cannot agree a commercial remedy forany Acceptable Discrepancy, the relevant manufacturer of the item in dispute may be consultedfor its opinion on Lessee's or Lessor's conflicting views. Notwithstanding any other provisions,Lessor is not allowed to refuse Redelivery of the Aircraft due to Minor Discrepancies.a) Lessee will correct each discrepancy between the condition of the Aircraft and the RedeliveryConditions identified in accordance with the Redelivery Inspection and Acceptance Protocol,save for acceptable discrepancies (the “Acceptable Discrepancy”) which means:(i) Minor Discrepancies (which means one or more discrepancies that:a. do not exceed a cost to remedy (as agreed between Lessee and Lessor) of USD XXX onan aggregate basis (excluding the cost to remedy the discrepancies described inParagraph 3(a)(ii) below), and;b. do not affect the airworthiness of the Aircraft, or the ability to gain an export certificate ofairworthiness or de-registration notice, but excludes any discrepancies which can beobjectively demonstrated to prevent the subsequent registration by the next aviationauthority) and/or;(ii) Discrepancies with respect to which Lessor and Lessee (each acting reasonably) haveagreed to remedy or rectify after Redelivery.b) Subject to Paragraph 3(a) above, immediately after the completion of the inspection procedureand the correction of discrepancies which are not Acceptable Discrepancies, Lessor will acceptredelivery of the Aircraft by signing an Acceptance Certificate. Upon signing of the AcceptanceCertificate, Lessor agrees that it will not make any further claim against Lessee in respect of theRedelivery Condition or otherwise in respect of the condition of the Aircraft (subject to anyobligations which Lessee has expressly agreed to perform after Redelivery such as shippingparts to rectify Acceptable Discrepancies).70 4 th Edition 2017
Redelivery4. Remediesa) If Lessee fails to return the Aircraft on the scheduled expiry date of the lease term in accordancewith the Redelivery Conditions (but subject to the Acceptable Discrepancies and provided thatthe failure does not result from Lessor's failure to comply with the Project Plan and/or theRedelivery Inspection and Acceptance Protocol), then 18 …..18Remedies to be agreed between Lessor and Lessee4 th Edition 2017 71
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Guidance Material and BestPractices
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Table of ContentsList of Figures ..
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Table of Contents4.4 Engine Power b
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Table of ContentsAnnex X: LLP Back-
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List of FiguresFigure 1. Document S
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List of TablesTable 1. Different Ty
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AbbreviationsACACMIADAIRAMCAMMAMOCA
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AbbreviationsIPCLDNDLLPLOCLOILOPALR
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ScopeIATA’s ‘Guidance Material
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IntroductionIATA recommends a proce
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Section 1—Background1Background2P
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Backgrounddetermined period. As a r
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Backgroundthe repair is within SRM
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Pre-Deliveryin certain circumstance
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Pre-Deliverylimit, however it will
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Pre-DeliveryThe net lease is often
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Pre-Delivery●●Fixed costFlexibl
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Pre-Deliveryreserves rates depends
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Pre-DeliveryAs of July 2015, sixty-
Page 39 and 40: Deliveryredelivery conditions of th
Page 41 and 42: DeliveryOther items, such as wheels
Page 43 and 44: Deliverymodification and without an
Page 45 and 46: Deliveryand registration process in
Page 47 and 48: Deliveryimportant, as the continuou
Page 49 and 50: Delivery3.2.6 InspectionDuring the
Page 51 and 52: DeliveryooooGear TSN / CSN at Overh
Page 53 and 54: Deliveryminimum standards set by IC
Page 55 and 56: Deliveryimporting states recognize
Page 57 and 58: DeliveryIn Europe, under EASA rules
Page 59 and 60: Deliveryspecial procedures, phraseo
Page 61 and 62: Deliveryprogram, which effectively
Page 63 and 64: Section 4—Operations1Background2P
Page 65 and 66: OperationsFor maintenance reserve c
Page 67 and 68: OperationsIt is advisable to the Le
Page 69 and 70: Operations4.2.7 Other Important EoD
Page 71 and 72: Operations●●●Reduced flexibil
Page 73 and 74: Operationspractices; for example th
Page 75 and 76: Operations4.5 Engine SubstitutionIf
Page 77 and 78: RedeliveryA specific example of one
Page 79 and 80: Redelivery●Project plan issued -
Page 81 and 82: RedeliveryoLessor or Lessor represe
Page 83 and 84: Redeliveryincludes a “redelivery
Page 85 and 86: Redeliverythe redelivery of the Air
Page 87 and 88: Redeliveryrecovery plan. Lessee Pro
Page 89: Redeliveryrepresentatives fails to
Page 93 and 94: References in AnnexesAnnex V Struct
Page 95 and 96: Annex I: Example Physical Inspectio
Page 97 and 98: Annex I: Example Physical Inspectio
Page 99 and 100: Annex II: Typical Redelivery Record
Page 105 and 106: Annex III: Typical Index of Deliver
Page 107 and 108: Annex IV: Engine Documentation Chec
Page 109 and 110: Annex V: Structural Repair File Gui
Page 117 and 118: Annex VI: Modifications Guidelinesd
Page 119 and 120: Annex VI: Modifications Guidelineso
Page 121 and 122: Annex VII: Aircraft Maintenance Pro
Page 127 and 128: Annex VIII: Airworthiness Directive
Page 135 and 136: Annex IX: Components GuidelinesAirc
Page 137 and 138: Annex IX: Components GuidelinesFAA
Page 139 and 140: Annex IX: Components GuidelinesOper
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Annex X: LLP Back-to-Birth Guidelin
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AcknowledgementsIATA:Chris MarkouGe
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www.iata.org/publishingcustserv@iat
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IATA Aircraft Lease Guidance

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