AIRCRAFT SALES AND ACQUISITIONS
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When it comes to signing-up for AIRCRAFT SEARCH SERVICES, what can you expect from
DERRICK INGS AIRCRAFT SALES?
The most important thing is that we recognise the requirements are yours, not ours, and as such the specification and purchase price range is always yours to control. We will give advice where necessary and, once we have found a suitable aircraft, will guide matters to as smooth and speedy a conclusion as possible.
We will ask you to sign a consultancy/Search Project Agreement and pay our fees at the appropriate time. Billable items comprise two sections; firstly, on-going expenses and, secondly, a fee payable in three stages upon acquisition of an aircraft.
Other than extremely minor items, each item of expenditure will be discussed and agreed (usually in writing) before going forward and will generally be payable in advance. A typical example would be, at an appropriate time engaging the services of a professional aircraft engineer to carry out a Pre-Purchase Inspection (PPI); in this case DIAS would require payment before instructing the engineer to carry out the PPI.
The main fee is payable in three stages; firstly an advance payment based on a percentage of the likely purchase price; then a further payment, due when the client pays for the aircraft, based on a percentage of the final negotiated purchase price of the aircraft. The final payment becomes due when the aircraft is in-service following any necessary upgrade or certification work.
We recognise that the initial criteria can change during the life-cycle of a Search Project and DIAS will work closely with the client to ensure all whims are discussed, and hopefully catered for. Every effort will be made to meet clients' requirements but we would ask that you make immediate contact should you need to amend your instructions.
A Search Project will usually involve
some or all of the following steps:-
i) Agreeing an Outline Specification with the client
ii) Client obtaining a finance agreement (in principle) if appropriate
iii Client to sign a Search Agreement with DIAS
iv) Client to pay the first stage of the DIAS fees
v) DIAS to begin the search for a suitable aircraft
vi) Identification of one or more likely aircraft
vii) Assistance with identification of items required to bring the aircraft to Certification to client's specification on clients choice of Register (CAA, FAA etc) - to include approximate pricing for same
viii) Understanding timescales with providers of post-purchase items such as engineering work and/or paint work and/or airframe/avionics upgrades and/or certification work.
ix) Client's acceptance in principle of base aircraft spec and equipment upgrades
x) Negotiating sales price with seller
xi) Agreeing that price with purchaser
xii) Engagement of a professional aircraft engineer to carry out a Pre-Purchase Inspection (PPI) and arranging a date suitable to all parties for the PPI
xiii) Depending on the result of the PPI, negotiating final price with seller
xiv) Title/lien search
xv) Arranging for seller and purchaser to sign an agreement (it is likely this will be signed directly by DIAS' client rather than by DIAS. DIAS has a contract document to offer to both parties should neither have a standard format, however, it is expected that most sellers will already have their own document.
xvi) DIAS' client to transfer funds to DIAS or DIAS' escrow agent
xvii) Ensure, where appropriate, that DIAS' client has a FAA Trust set up.
xviii) Title change (as appropriate to sellers and purchasers registers) and transfer of funds
xix) Payment of 2nd stage of DIAS main fee
xx) Booking upgrade/certification work mentioned at vii) & viii) above
xxi) DIAS will arrange positioning of aircraft to DIAS' client's home base. Where appropriate, DIAS will arrange international ferry flight (all positioning costs and/or ferry charges are to be paid in advance).
xxii) Assistance with Customs Import if appropriate using professional contacts. This issue is vitally important and DIAS believe that such matters should be handled by appropriately qualified/experienced personnel and must be handled in an expeditious manner.
xxiii) On arrival at home base, engineering, upgrade (i.e. avionics) and any certification work to begin
xxiv) Aircraft in-service and final handover to DIAS client
xxv) Payment of final DIAS bill
xxvi) Hopefully years of enjoyment
This list is not exhaustive but shows the range of work DIAS is likely to undertake.
The time from acceptance of a Search Agreement to aircraft acquisition should be around 2 - 3 months but can take longer according to the market and the requirements of the purchaser.
If you feel we can be of service please contact DERRICK INGS AIRCRAFT SALES. We look forward to hearing from you.