Throughout the aircraft’s lease life-cycle the lessor will carry out due diligence on their asset at a frequency agreed in the Aircraft Lease Agreement, this due diligence is commonly referred to as the “Mid-Lease” or “Mid-Term” Inspection.
Lessors will typically contract this work to a service provider and their consultant will perform the physical inspection and technical records sample review . The data collected will form a report that in turn will be used to update the Technical Specifications on the lessors IT system.
The Tech Specs are used internally in the leasing company to assist with determining the aircraft value and will be analysed by the “deal teams” when marketing the asset for its next lease or sale.
The Lessor Technical Department are responsible for ensuring that the mid-lease inspections are performed, and that the data is accurate. The Maintenance Reserve Fund department will also frequently access the Technical Specs information alongside monthly utilisation reports.
Prior to going on-site the service provider will plan for the event by;
* Establishing contact with the Airline.
* Confirm dates and location for Aircraft on Ground.
* Share with the Airline the scope of work for the Physical Inspection.
* Share with the Airline the scope of work for the Tech Records Review.
* Verify that key Airline contact personnel will be on-site.
* Arrange a letter of invitation.
* Confirm if Airside pass is needed, check passport is in date and any additional security clearances needed.
* Confirm the expected number of perform the inspection, records review and report with the lessor.
* Ensuring the consultant has the agreed checklists, laptop, scanner, camera, etc.
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