Is there a standard “form” contract for the purchase or sale of an aircraft?
A. In a word, “No”. Although there are certain items that should be a part of every aircraft sales contract, there is not one standard, approved form. A broker may tell you that the contract they are presenting to you is their “standard form” and it usually will be, but that generally means that it is the form the broker likes to use because it contains a lot of protections for the broker and not for you. The cost of preparing a contract to protect your interests is very small compared to the potential costs of signing a “standard form”. At a minimum, you should have an attorney review the “standard form” to make sure that you are not giving up any important rights.
