Used Aircraft Transaction - Aircraft sale initiated and LOI signed|二手飞机交易-飞机出售启动及LOI签署

二手飞机的功能及作用十分大，不论是继续发挥客机作用，还是客机改装货机，应用空间及场景非常广泛。那么，二手飞机交易过程中涉及出售启动及LOI签署诸多事宜如何操作呢。二手飞机交易涉及相关方较多，流程复杂，本期介绍二手飞机交易1阶段-飞机出售启动及LOI签署（含飞机出售价格评估与制定策略），以供各位同行参考借鉴。

一、飞机概况参数描述撰写及发布

当某一飞机启动出售时，需要撰写飞机相关的细节信息（Aircraft specifications）并发布到相关网站或中介，Aircraft specifications格式一般类似，可以找中介要模板加以修改即可，内容一般包含飞机的外观和内饰的照片，飞机的机身发动机APU的各种数据，内饰材料，外部颜色描述，电子设备构型好选装设备，保修情况，飞机售价和亮点等关键信息，下面将具体介绍。

1、飞机的外观和内饰的照片

外观来一张整体的照片，能辨识飞机的外观彩绘和注册号即可。内饰照片可以按前客舱往后看（Foward cabin looking aft）,中客舱往后看（Mid cabin looking aft），后客舱往后看（Aft cabin looking aft）,后客舱往前看（Aft cabin looking forward）,中客舱往前看（Mid cabin looking forward）,前客舱往前看（Foward cabin looking forward）,厨房、洗手间和驾驶舱各拍一张特写照片，还可以附上一张飞机的座舱布局图，以便结合照片识别飞机座舱布局和构型。

2、飞机参数构型

a、飞机机身，发动机和APU的小时数循环数，飞机取证日期，投入运营（EIS）日期，各小时数和循环数采集日期（截止日期）等关键信息；

b、飞机制造厂保修和保修协议购买情况及有效期日期，飞机下次定检（12MOS，24MOS，48MOS，96MOS等）日期，如果飞机下次定检日期与出售日期相差较近，通常如不执行PPI的话90天以内，执行PPI的话150天以内，需要考虑到飞机交易日期可能会晚于定检日期期限并使得飞机不适航，建议在LOI和APA中注明定检费用应该谁承担；

c、客舱认证的座位数及内饰材料和外观彩绘描述；

d、主要电子设备清单及型号，特别是和运行空域强制要求的如导航、TCAS、RVSM等设备情况；

e、飞机改装情况，同样和运行空域强制要求相关的改装及影响乘客体验的如WIFI改装等需要力求准确，因为这些内容最后会附到飞机买卖合同（APA）中，如果发生重大错误可能导致飞机不能适应当地的民航法规和运行设备要求或PPI检查与APA不一致而产生纠纷。原始改装可以从飞机的原始构型清单或STC清单中获取和核实，运行后的改装可以从维修记录中获取和核实。

3、飞机售价及亮点介绍

a、飞机售价

飞机售价与二手飞机市场行情，卖方是否着急出手，飞机物理状态和保修协议状态等多重因素相关，可以多咨询几家中介询问市场情况并结合卖方及飞机情况在Aircraft specifications上明确价格，或者也可以不写价格，让买方根据Aircraft specifications在LOI中谈价格。

b、定价策略

因为二手飞机市场行情波动较快，特别是现在美国货币放水严重，造成资产迅速升值，按照Jetnet网站显示G550最近6个月上涨幅度达到12.31%，接近200万美元。

故定价时需要熟悉市场行情，具体可以参考Amstat、Jetnet、AircraftBluebook和AssetInsight等报价，并多方比较求证价格的范围与市场紧俏程度，以制定定价策略。以2017年G550报价为例：

通过上述网站可以了解到2017年的G550售价在30.2-32.9M之间。因为上述网站通常需要注册缴费后才能享受服务，如嫌麻烦可以参考https://www.avbuyer.com/网站。

了解市场行情与价格区间后，在此基础上可参考以下情况评估和调整价格：

1）是否着急出手入手可以上下浮动3-5%的价格; 

2）飞机物理状态和飞机运行频次，年运行小时低于150小时或高于400小时，运行主基地靠近海洋并露天停放的话，可以影响价格3-5%；

3）运营单位的维修保养情况，文件记录保存情况等可影响5-8%的价格, 如飞行或维修记录等缺失较多且无法补救的话可直接影响交易成败，发达国家和地区的飞机及转手次数较少的飞机影响一般较小，否则需要谨慎评估和检查;

4）飞机发动机协议，APU协议，机械电子部件协议状态，特别是发动机协议影响巨大。以G550为例，按照400*2 Engines US* $491.73/小时 (2021民生优惠费率)= US $393,384.00/日历年，差不多40万美元每年的发动机保修费用，2017年飞机按照5年计算为200万美元，如未购买发动机协议按照200万美元折损将占到2017年G550正常售价30.2-32.9M的6%，且随着机龄增长，折损比例会加快上升。

c、飞机亮点介绍

Aircraft specifications可以体现如飞机是否在制造厂保修期内，是否第一次转手，是否机库停放，是否刚完成定检等亮点以吸引潜在买家。

Aircraft specifications撰写好后转给中介或发布到Amstat、Jetnet等网上等待意向买家。

二、LOI意向书拟定及签署

LOI意向书可以买卖双方任一方提供，只要最终能谈拢完成签署即可，LOI通常包含出售飞机（标的物）基本型号序号，飞机售价，定金及退还机制，飞机检查的要求与检查的类型和级别，飞机交付条件与交付地点，飞机交易相关费用税费等承担或分摊划分，排他期及保密条款，适用法律归属及仲裁等。通常需要注意以下几点：

1、飞机售价与定金（意向金）退还机制

飞机售价在上文中的Aircraft specifications拟定中有谈到定价策略，在谈判LOI过程中还可能修改，买方在签署前可索要飞机更多的状态信息，如维修记录，CMP状态，装机构型等信息，并根据飞机交付条件和交付地点及是否执行PPI和PPI级别进一步明确飞机售价，如现状交付不执行PPI的话可影响飞机交易价格的3-5%，并随机龄增长而增大。待LOI签署后飞机售价（价值）基本就定了，特殊情况如交付过程中发现异常损伤或故障等可以双方谈判折扣。

飞机定金通常是飞机售价的10%或100万美元或双方商定，APA签署前通常定金都可以全额退还的，在APA谈判中会明确定金退还的具体细节条款和违约赔偿条款。

2、飞机检查要求

LOI中需要明确飞机检查要求，飞机检查有两部分，一部分是初检（预检）在APA签署前执行，另外一部分是在APA签署后执行的售前检查（交付检）PPI，并明确PPI的检查地点，机构，内容和级别，是否试飞、演示飞行等，当然也可以要求不执行PPI检查，直接现状交付。

如果卖方着急出手可折价换时间，反之可以不折价而选择执行PPI，PPI的检查直接费用由买方承担，但是执行PPI发现的适航相关项目由卖方承担，主要看飞机机龄、飞机状态及各自取舍了。一般来说，5年以内的飞机差别不大，如果超过5年的飞机，需要双方技术团队慎重评估。超过5年的飞机如执行PPI对买方有利，且级别越高项目越多对买方越有利，交易后飞机出问题的风险就越低，同时对卖方的成本和交易周期就越不可控。

飞机检查要求的确定是双方谈判的焦点，因为这些条款会显著影响双方利益和交易周期，双方的技术团队需要根据飞机状态及交易周期的预期进行谈判，以达到双方都能接受的一个平衡状态。

3、飞机交付条件

飞机交付条件一般是按照飞机检查要求完成后达到买方的技术要求，飞机处于适航状态，飞机产权清晰可销售状态，如需转注册还需要满足转注册的相关要求，飞机到达指定交付地点等要求。

其中特别要注意的是适航状态和转注册要求，如果飞机交易日期临近飞机定检，需要考虑到因为各种原因导致交易日期晚于飞机定检日期从而导致飞机不处于适航状态，故需要明确定检的责任方。

转注册时需要考虑到待注册国的注册要求和运行要求，转注册通常会要求飞机所有系统均可工作无故障保留等，平时习以为常的飞机的某些缺陷如WIFI，客舱操作面板或灯光等缺陷可能不属于适航项目，但是转注册时可能就是问题，如果刚好碰到飞机机龄较长，相关部件已经停产的话，修复缺陷可能需要一大笔改装费用。如预计此种情况可能发生时，需要在APA中注明或在PPI的检查项目中尽量避免检查此类项目，各民航局一般对此类项目也是民不举官不究的态度，但是只要在PPI报告或故障保留等纸质记录存在，是必须妥善解决后才能成功转注册的。

还要考虑因为适航双边的关系，国外注册（签署适航双边除外）转入中国注册的话，TC和STC都是需要民航局认证的，而这些认证一般都是官方行为，个体个例通常是无法完成的。

4、飞机交易排他期

通常不建议在LOI阶段设置排他期，因为这样卖方可以在签署APA前与多个买方谈判LOI，以求利益最大化。

5、LOI的有效期

LOI中一般会规定2-3周时间的有效期，以促使买方在LOI签署后尽快完成预检等相关评估工作并完成APA的拟定和签署，让卖方掌握主动权，如果超期卖方可以选择延期或终止此次谈判与其他买家接触。

三、定金支付与托收确认

当LOI签署后，买方将按照LOI约定将定金打入双方指定的监管机构如Escrow、IATS等的账户托收，监管机构在确认定金到账后将通知买卖双方完成定金托收确认。监管机构相应会收取一定的监管费用，相关费用通常会在买卖完成或中止后由买卖双方平摊。

Second-hand aircraft transactions involve many parties and the process is complex. This issue introduces the first stage of second-hand aircraft transactions - aircraft sale initiation and LOI signing (including aircraft sale price assessment and formulation of strategies) for the reference of peers.

I. Aircraft profile parameter description writing and release

When a certain Aircraft is sold, it is necessary to write the details related to the Aircraft (Aircraft specifications) and publish them to relevant websites or intermediaries. The format of aircraft specifications is generally similar. You can ask the intermediary to modify the template. The content generally includes photos of the appearance and interior of the aircraft, various data of the aircraft's fuselage engine APU, interior materials, exterior color description, electronic equipment configuration, optional equipment, warranty, aircraft price and highlights and other key information, which will be introduced in detail below.

1. Photos of the exterior and interior of the aircraft

An overall picture of the exterior, which can identify the plane's exterior paint and registration number. Interior photos can be viewed by Foward cabin looking aft, Mid cabin looking aft, Aft cabin looking aft, Aft cabin looking forward, Mid cabin looking forward and Foward cabin looking forward looking forward), take a close-up photo of the kitchen, bathroom and cockpit, and attach a cabin layout diagram of the aircraft to identify the layout and configuration of the aircraft cabin combined with the photo.

2. Aircraft parameter configuration

a, the number of hours and cycles of the aircraft fuselage, engine and APU, the date of aircraft certification, the date of entry into operation (EIS), the collection date of each hour and cycle (deadline) and other key information;

b, aircraft manufacturer's warranty and warranty agreement purchase status and expiration date, aircraft next inspection date (12MOS, 24MOS, 48MOS, 96MOS, etc.), if the aircraft next inspection date and the sale date is close, usually within 90 days if the PPI is not implemented, and within 150 days if the PPI is implemented. It is necessary to consider that the transaction date of the aircraft may be later than the fixed inspection date and make the aircraft unairworthy. It is recommended to indicate in the LOI and APA who should bear the inspection cost;

c, cabin certified seat number and interior materials and exterior painting description;

d, the list and model of the main electronic equipment, especially the mandatory requirements of the operating airspace such as navigation, TCAS, RVSM and other equipment;

e, aircraft modification, also related to the operational airspace mandatory requirements and affect the passenger experience such as WIFI modification need to be accurate, because these contents will eventually be attached to the aircraft sale and purchase contract (APA), If a major error occurs, the aircraft may not be able to adapt to local civil aviation regulations and operating equipment requirements, or PPI inspection is inconsistent with APA, resulting in disputes. Original modifications can be obtained and verified from the aircraft's original configuration inventory or STC inventory, and post-operational modifications can be obtained and verified from maintenance records.

3. Introduction of aircraft price and highlights

A. The price of the plane

The selling price of the Aircraft is related to multiple factors such as the market conditions of used aircraft, whether the seller is in a hurry to sell, the physical state of the aircraft and the status of the warranty agreement, etc. You can consult several intermediaries to inquire about the market conditions and specify the price on the Aircraft specifications combined with the conditions of the seller and the aircraft, or you can omit the price. Let buyer negotiate price in LOI according to Aircraft specifications.

B. Pricing strategy

Because the second-hand aircraft market fluctuates rapidly, especially now the US currency is seriously released, resulting in the rapid appreciation of assets, according to the Jetnet website, the G550 has risen by 12.31% in the last 6 months, nearly $2 million.

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Therefore, it is necessary to be familiar with the market situation when pricing. Specifically, you can refer to the quotations of Amstat, Jetnet, AircraftBluebook and AssetInsight, etc., and compare the price range and market tightness in various ways to formulate pricing strategies. Take 2017 G550 quote as an example:

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It can be seen from the above website that the 2017 G550 is priced between 30.2-32.9M. Because the above website usually requires registration and payment to enjoy the service, if you are bothered, you can refer to https://www.avbuyer.com/ website.

After understanding the market situation and price range, on this basis, you can evaluate and adjust the price with reference to the following circumstances:

1) Whether to rush to buy can float up and down 3-5% of the price;

2) The physical state of the aircraft and the frequency of aircraft operation, the annual operating hours are less than 150 hours or more than 400 hours, and the main base of operation is near the ocean and parked in the open air, which can affect the price by 3-5%;

3) The maintenance status of the operating unit and the preservation of documents and records can affect 5-8% of the price. For example, if there are more missing flight or maintenance records and cannot be remedied, it can directly affect the success or failure of the transaction. Aircraft in developed countries and regions and those that change hands less often generally have less impact, otherwise it needs careful evaluation and inspection;

4) Aircraft engine protocol, APU protocol, mechanical and electronic components protocol status, especially the engine protocol has a huge impact. Take G550 as an example, according to 400*2 Engines US* $491.73/ hour (2021 Minsu preferential rate)= US $393,384.00/ calendar year, almost 400,000 US dollars per year engine warranty costs, 2017 aircraft in 5 years calculated at 2 million US dollars. If the engine is not purchased, the $2 million discount will account for 6% of the 2017 G550's normal price of 30.2-32.9M, and the percentage of the discount will increase rapidly as the aircraft age.

C. Introduction of aircraft highlights

Aircraft specifications can reflect highlights such as whether the aircraft is within the manufacturer's warranty period, whether it has changed hands for the first time, whether it is parked in the hangar, and whether it has just completed the inspection to attract potential buyers.

After the Aircraft specifications are written, they will be transferred to intermediaries or published on Amstat, Jetnet and other websites for prospective buyers.

Ii. Drafting and signing of LOI Letter of Intent

LOI Letter of intent can be provided by either of the buyer and seller, as long as it can finally be concluded and signed, LOI usually includes the basic model number of the aircraft (subject matter) for sale, the aircraft price, deposit and refund mechanism, the requirements for aircraft inspection and the type and level of inspection, the conditions and place of delivery of the aircraft, and the commitment or allocation of fees and taxes related to aircraft transactions. Exclusivity and confidentiality clauses, applicable law, arbitration, etc. The following points are generally important to note:

1, aircraft price and deposit (intention) refund mechanism

The selling price of the Aircraft is mentioned in the formulation of Aircraft specifications above, and the pricing strategy may be modified during the LOI negotiation. The buyer can ask for more status information of the aircraft before signing, such as maintenance record, CMP status, installation configuration and other information. The price of the aircraft is further defined according to the delivery conditions and delivery location of the aircraft and whether PPI and PPI levels are implemented. If PPI is not implemented in the current delivery, it can affect the transaction price of the aircraft by 3-5% and increase with random age growth. After the signing of the LOI, the selling price (value) of the aircraft is basically determined. In special cases, such as abnormal damage or failure found in the delivery process, the two parties can negotiate discounts.

The deposit of the aircraft is usually 10% of the selling price of the aircraft or 1 million US dollars, or the two parties agree that the deposit can be fully refunded before the APA is signed. The specific details of the refund of the deposit and the compensation for breach of contract will be specified in the APA negotiation.

2. Aircraft inspection requirements

Aircraft inspection requirements need to be clearly defined in LOI. Aircraft inspection has two parts, one is the initial inspection (pre-inspection) to be carried out before APA signing, the other is the pre-sale inspection (delivery inspection) PPI to be carried out after APA signing, and the inspection location, organization, content and level of PPI should be specified, as well as whether it is a test flight, demonstration flight, etc. Of course, it is also possible to request that PPI inspection not be performed and direct delivery of the status quo.

If the seller is in a hurry to sell, it can change the time at a discount, on the contrary, it can choose to implement PPI without discount. The direct cost of PPI inspection shall be borne by the buyer, but the airworthiness related items found by the implementation of PPI shall be borne by the seller, mainly depending on the age of the aircraft, the state of the aircraft and their respective choices. Generally speaking, there is little difference between aircraft within 5 years, and if the aircraft is more than 5 years old, the technical teams of both sides need to carefully evaluate. More than 5 years of aircraft such as the implementation of PPI is beneficial to the buyer, and the higher the level of the more items are beneficial to the buyer, the lower the risk of aircraft problems after the transaction, and the more uncontrollable the cost and transaction cycle for the seller.

The determination of aircraft inspection requirements is the focus of negotiations between the two parties, as these terms will significantly affect the interests of both parties and the transaction cycle, and the technical teams of both parties need to negotiate based on the aircraft status and the expected transaction cycle to reach a mutually acceptable balance state.

3. Aircraft delivery conditions

The conditions for the delivery of the aircraft are generally to meet the technical requirements of the buyer after the completion of the aircraft inspection requirements, the aircraft is in an airworthy state, the property rights of the aircraft are clear and marketable, if it is necessary to transfer registration, it also needs to meet the relevant requirements of transfer registration, and the aircraft arrives at the designated delivery place.

Special attention should be paid to the airworthiness status and transfer registration requirements. If the aircraft transaction date is close to the aircraft inspection, it is necessary to consider that the transaction date is later than the aircraft inspection date for various reasons, resulting in the aircraft is not in the airworthiness state, so it is necessary to clarify the responsible party for the inspection.

When transferring registration, it is necessary to take into account the registration requirements and operation requirements of the country to be registered. Transferring registration usually requires that all the systems of the aircraft can work without trouble, etc. Some defects of the aircraft that are usually used to, such as WIFI, cabin operation panel or lighting, may not belong to the airworthiness project, but it may be a problem when transferring registration. If the part has been discontinued, fixing the defect may require a large retrofit. If such a situation is expected to occur, it is necessary to indicate in APA or try to avoid checking such items in PPI inspection items. Civil aviation bureaus generally hold the attitude that the people do not name the government and do not investigate such items. However, as long as paper records such as PPI report or fault retention exist, it must be properly solved before it can be successfully transferred to registration.

Also consider that due to the relationship between the airworthiness bilateral, if the foreign registration (except the signing of the airworthiness bilateral) is transferred to the Chinese registration, TC and STC are required to be certified by the Civil Aviation Administration, and these certifications are generally official acts, and individual cases are usually unable to complete.

4. Aircraft transaction exclusivity period

An exclusivity period during the LOI stage is generally not recommended, as it allows the seller to negotiate the LOI with multiple buyers before signing the APA in order to maximize the benefits.

5. Validity period of LOI

LOI generally provides a validity period of 2-3 weeks, so as to encourage the buyer to complete the pre-inspection and other related assessment work as soon as possible after the signing of LOI and complete the drafting and signing of APA, so that the seller has the initiative. If the seller is overdue, the seller can choose to extend or terminate the negotiation and contact with other buyers.

Iii. Deposit payment and collection confirmation

Upon the signing of the LOI, the buyer shall deposit the deposit into the accounts of the regulatory institutions designated by both parties such as Escrow and IATS for collection in accordance with the agreement of the LOI. After confirming the receipt of the deposit, the regulatory institutions will notify both parties to complete the confirmation of the deposit collection. The regulator will charge a regulatory fee, which is usually shared equally between the buyer and seller after the transaction is completed or discontinued.