The Aircraft Purchase And Sale Agreement is a critical document used in aircraft transactions within Hong Kong's jurisdiction. It serves as the primary contract governing the transfer of aircraft ownership, incorporating Hong Kong's specific regulatory requirements and international aviation standards. This document is essential when purchasing or selling aircraft in Hong Kong, whether for commercial airlines, private operators, or leasing companies. It addresses all aspects of the transaction including technical specifications, regulatory compliance, payment terms, delivery conditions, and warranty provisions. The agreement must comply with Hong Kong Civil Aviation Department requirements and often involves complex regulatory and financial considerations. It's particularly relevant given Hong Kong's position as a major aviation hub and financial center, requiring careful attention to both local and international aviation regulations.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the transaction and brief description of the aircraft being sold
3. Definitions: Definitions of technical terms, industry terminology, and legal concepts used in the agreement
4. Sale and Purchase: Core agreement to sell and purchase the aircraft, including identification of the aircraft
5. Purchase Price and Payment Terms: Details of the purchase price, deposit requirements, and payment schedule
6. Conditions Precedent: Conditions that must be satisfied before completion of the sale
7. Pre-Delivery Inspection: Rights and procedures for aircraft inspection before delivery
8. Delivery and Acceptance: Requirements and procedures for aircraft delivery and acceptance
9. Title and Risk: Transfer of title and risk provisions
10. Representations and Warranties: Seller's warranties about the aircraft and buyer's representations
11. Covenants: Ongoing obligations of both parties
12. Indemnification: Mutual indemnification provisions
13. Insurance: Insurance requirements during delivery and transfer
14. Default and Termination: Events of default and termination rights
15. Governing Law and Jurisdiction: Choice of Hong Kong law and jurisdiction provisions
16. General Provisions: Standard boilerplate clauses including notices, amendments, and assignment
1. Financing Arrangements: Required if the purchase involves third-party financing or security arrangements
2. Lease Termination: Needed if the aircraft is currently under lease that needs to be terminated
3. Export/Import Requirements: Required for international transactions involving customs clearance
4. Tax Provisions: Detailed tax provisions if complex tax implications exist
5. Maintenance and Repairs: Additional provisions if specific maintenance work is required before delivery
6. Training and Support: Required if seller is providing post-sale training or support
7. Escrow Arrangements: Needed if using an escrow agent for the transaction
8. Registration Requirements: Detailed provisions if special registration requirements apply
1. Aircraft Description: Detailed technical description of the aircraft, engines, and components
2. Aircraft Documents: List of all technical and maintenance records to be delivered
3. Delivery Condition Requirements: Specific requirements for aircraft condition at delivery
4. Form of Acceptance Certificate: Template for the delivery and acceptance certificate
5. Form of Bill of Sale: Template for the bill of sale
6. Required Regulatory Approvals: List of necessary regulatory approvals and certificates
7. Pre-Delivery Inspection Protocol: Detailed procedures for pre-delivery inspection
8. Payment Schedule: Detailed breakdown of payment installments and timing
9. Warranty Terms: Detailed warranty terms and conditions
10. Insurance Requirements: Specific insurance requirements and coverage details
Relevant legal definitions
Clauses
Relevant Industries
Aviation
Aerospace
Commercial Aviation
Private Aviation
Aircraft Leasing
Aircraft Manufacturing
Financial Services
Insurance
Transportation
Logistics
Relevant Teams
Legal
Aviation Operations
Finance
Technical Operations
Compliance
Risk Management
Procurement
Commercial
Engineering
Insurance
Regulatory Affairs
Contract Management
Relevant Roles
Chief Legal Officer
Aviation Lawyer
Fleet Manager
Chief Financial Officer
Technical Director
Compliance Officer
Aviation Finance Manager
Aircraft Operations Manager
Risk Manager
Procurement Director
Commercial Director
Aircraft Engineer
Insurance Manager
Regulatory Affairs Director
Contract Manager
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