An aircraft transition between lessor and lessee is a complex transaction – one to which there are many different aspects to, across multiple key areas.
Ensuring asset value for lessor with lease conditions and meeting those return or delivery lease conditions for lessees.
One phrase you might have heard a lot more recently regarding lease types is “power by the hour” or PBH.
This kind of lease is a little different in that the lessor provides the asset on a fixed cost base. This fixed cost is typically driven per flight hour, or a calendar period such as monthly.
When considering Life Limited Parts (LLP), which can also be called Safe Life Items (SLI) it is important for any lease review to be especially aware of the different considerations involved.
What to look for with regard to Structure Repairs at Lease Transition, see a typical extract from the technical lease return conditions below.
All repairs to the Aircraft will have been accomplished in accordance with Airframe Manufacturer’s Structural Repair Manual (or EASA-approved data supported by supported by EASA Part 21J design approval or Airframe Manufacturer’s Repair Design Approval Sheets).
An aircraft lessor will want to protect their asset, and this is achieved with a lease agreement – of course, the lessee will also wish to protect themselves where they can.
We can think about an element of this protection now; think about the aircraft records prior to an aircraft being technically accepted.