Form Agreements – Definition & Use
By their very nature “form agreements” do not contain the negotiated terms, or specific business needs, of the parties involved with the agreement. The language is often simple, and not all encompassing of the transaction. This can put the parties entering into the agreement at risk. To protect yourself you need an agreement that is tailored to your aircraft transaction. It should address the business points that are most important to you, set out the specifics of how tasks in your agreement are to be handled, and mitigate risk. A cookie-cutter agreement without details specific to your needs may not achieve your goals, and may fail to ensure your aircraft operations are in compliance with regulations.
Business Aviation is Highly Regulated – Does The Form Address your Aviation Issues
Aviation agreements should be drafted or reviewed by an attorney experienced in aviation transactions. There are many rules and regulations applicable to aircraft, which are often conflicting, that should be addressed. Aviation counsel can work with you and your team when crafting agreements to ensure that your business, tax, and regulatory compliance goals are achieved.
Lori McGee is a Partner with the aviation law firm of Jetstream Aviation Law, P.A. and counsel clients on the acquisition, financing and operation of corporate jets operated under Part 91 and Part 135 of the US Federal Aviation Regulations. Jetstream Aviation Law can be found at www.JetstreamLaw.com.