Jetrader - Winter 2014 - 42

Legal

uneT

p?
u

Is it Time
for a Tune-up?

W

With the ubiquity of electronic ignition,
fuel and direct injection and computer-controlled everything, you don't really "tuneup" modern cars any longer. We do (or
should), however, take them in for routine
service at least once every 10,000 miles and
maybe even change the oil more frequently.
Depending on your holiday bonus this
year, your car could be worth quite a bit.
How does that compare to an aircraft or
engine? We don't hesitate to take care of
our cars, but what about the agreements
we use for this valuable equipment we're
charged with buying, selling and leasing?

How often do we review the leases, sale
agreements and other documents we work
with to make sure they've been tuned up
to the latest changes in the industry?
By Don Mitchell, Partner, Smith, Gambrell & Russell, LLP
How often do we review the leases, sale
agreements and other documents we work
with to make sure they've been tuned up to
the latest changes in the industry? Because
of the rapid pace of aviation, we tend to
work from forms and precedent. "No sense
in reinventing the wheel" is an oft-repeated
phrase. At some point, though, the wheel
should be checked to make sure it still
works in the changing commercial landscape and evolving law.
For larger institutions such as leasing companies, the simplest approach is
to appoint a "keeper of the forms." This

42 The official publication of the International Society of Transport Aircraft Trading

person, whether a lawyer or contracts manager, is charged with keeping the company's "base" form agreements and ensuring
that each new transaction is matched
against the company standard. At least
annually, the forms should be reviewed
cross-divisionally by those departments
having an interest in the forms (technical, tax, insurance, etc.) to ensure they
remain current. Consider too whether some
provisions receive repeated and consistent
comment and revision during negotiations.
Time and expense of internal and external
resources could be saved by reconsidering



Jetrader - Winter 2014

Table of Contents for the Digital Edition of Jetrader - Winter 2014

A Message from the President
Calendar/News
Q&A: Robert T. Convey, Aeronautical Engineers, Inc.
ISTAT in Istanbul
Thank You to the ISTAT Europe 2014 Sponsors
State of the Regions: Middle East
Information is the ‘Lifeblood for Appraisers’
Aviation & Medical Technology
Generation Battle
ISTAT Foundation Supports Youth Aviation Experience
Is it Time for a Tune-Up?
Aviation History
Aircraft Appraisals
ISTAT Foundation
Advertiser.com
Advertiser Index
Jetrader - Winter 2014 - cover1
Jetrader - Winter 2014 - cover2
Jetrader - Winter 2014 - 3
Jetrader - Winter 2014 - 4
Jetrader - Winter 2014 - A Message from the President
Jetrader - Winter 2014 - 6
Jetrader - Winter 2014 - 7
Jetrader - Winter 2014 - Calendar/News
Jetrader - Winter 2014 - 9
Jetrader - Winter 2014 - Q&A: Robert T. Convey, Aeronautical Engineers, Inc.
Jetrader - Winter 2014 - 11
Jetrader - Winter 2014 - ISTAT in Istanbul
Jetrader - Winter 2014 - 13
Jetrader - Winter 2014 - 14
Jetrader - Winter 2014 - 15
Jetrader - Winter 2014 - 16
Jetrader - Winter 2014 - 17
Jetrader - Winter 2014 - 18
Jetrader - Winter 2014 - 19
Jetrader - Winter 2014 - 20
Jetrader - Winter 2014 - 21
Jetrader - Winter 2014 - 22
Jetrader - Winter 2014 - 23
Jetrader - Winter 2014 - Thank You to the ISTAT Europe 2014 Sponsors
Jetrader - Winter 2014 - 25
Jetrader - Winter 2014 - State of the Regions: Middle East
Jetrader - Winter 2014 - 27
Jetrader - Winter 2014 - 28
Jetrader - Winter 2014 - 29
Jetrader - Winter 2014 - Information is the ‘Lifeblood for Appraisers’
Jetrader - Winter 2014 - 31
Jetrader - Winter 2014 - 32
Jetrader - Winter 2014 - Aviation & Medical Technology
Jetrader - Winter 2014 - 34
Jetrader - Winter 2014 - 35
Jetrader - Winter 2014 - Generation Battle
Jetrader - Winter 2014 - 37
Jetrader - Winter 2014 - 38
Jetrader - Winter 2014 - 39
Jetrader - Winter 2014 - ISTAT Foundation Supports Youth Aviation Experience
Jetrader - Winter 2014 - 41
Jetrader - Winter 2014 - Is it Time for a Tune-Up?
Jetrader - Winter 2014 - 43
Jetrader - Winter 2014 - Aviation History
Jetrader - Winter 2014 - 45
Jetrader - Winter 2014 - 46
Jetrader - Winter 2014 - 47
Jetrader - Winter 2014 - 48
Jetrader - Winter 2014 - Aircraft Appraisals
Jetrader - Winter 2014 - 50
Jetrader - Winter 2014 - ISTAT Foundation
Jetrader - Winter 2014 - 52
Jetrader - Winter 2014 - 53
Jetrader - Winter 2014 - Advertiser Index
Jetrader - Winter 2014 - cover3
Jetrader - Winter 2014 - cover4
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