In the Headlines
January 8, 2024

Buying a Jet? Get Your Letter of Intent Right!


Aviation attorney Jonathan Epstein was quoted in an AvBuyer article about meticulously crafting a letter of intent (LOI) when purchasing a jet. In the article, Mr. Epstein provided guidance on important elements to include in an LOI, such as the purchase price, deposit requirements, scope of inspection and delivery conditions. He emphasized that a well-drafted letter of intent can help parties quickly determine whether they can agree on key deal terms as well as provide a framework for completing the transaction. However, he cautioned that letters of intent must also address unique circumstances that could impact timing, costs or risks, such as import/export requirements. Additionally, he stressed the importance of including know-your-customer provisions, particularly in international deals, to identify beneficial ownership.

"Similarly, if the buyer is hiring a manager to manage the aircraft once acquired, getting their technical team involved early on can be beneficial – for example, in spotting specific technical requirements to address at the LOI stage," Mr. Epstein said.

READ: Buying a Jet? Get Your Letter of Intent Right!

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