Aircraft Dry Lease Agreement Template (Free Sample)
Aircraft Ownership · Free template
Templates / Aircraft Ownership
A dry lease is a lease of the aircraft alone — the lessee provides their own crew and operational control, unlike a wet lease where the owner provides the aircraft and crew. Dry leases are common among owners, partnerships, and clubs, but they carry real FAA implications: a mis-structured lease can amount to an illegal charter, and dry leases are subject to the truth-in-leasing requirements of 14 CFR 91.23. Because of that regulatory dimension, this template especially should be reviewed by an aviation attorney before use.
Dry vs. wet, and why it matters
In a dry lease, the lessee has operational control: they decide the flights, provide (or hire) the crew, and are responsible for the operation. If the owner provides the crew or retains operational control, it is a wet lease — which for compensation generally requires an air-carrier certificate. Getting this line right is the whole point, and it is exactly where owners get into trouble.
Dry leases of large aircraft (and many others) trigger 14 CFR 91.23 truth-in-leasing: a specific clause in the lease, notification to the FAA, and carrying a copy aboard. Treat the FAA notice below as required, not optional, and confirm applicability for your aircraft with counsel.
The template
1. Parties & Aircraft
- This Dry Lease Agreement is between [OWNER/LESSOR] ("Lessor") and [LESSEE] ("Lessee") for the aircraft [MAKE/MODEL], registration [N-NUMBER], serial [S/N] (the "Aircraft").
2. Nature of Lease — Operational Control
- This is a DRY lease. Lessee has exclusive operational control of the Aircraft during the lease term, provides the flight crew, and is solely responsible for the conduct of each flight. Lessor provides the Aircraft only and does not provide crew or exercise operational control.
3. Term
- This lease runs from [START DATE] to [END DATE], or on a per-flight basis as follows: [___]. Either party may terminate on [N] days' notice.
4. Rent
- Lessee pays rent of $[AMOUNT] per [flight hour / month]. Rent is for the Aircraft only; Lessee bears fuel, oil, and direct operating costs.
5. Insurance
- Lessee (or Lessor, as agreed) maintains hull and liability insurance of $[AMOUNT] naming both parties, satisfactory to Lessor, in effect for the full term.
6. Maintenance & Airworthiness
- Lessor is responsible for maintaining the Aircraft in an airworthy condition and for required inspections, unless otherwise agreed: [___]. Lessee must report discrepancies promptly and may not operate the Aircraft when it is unairworthy.
7. Operating Costs
- Lessee is responsible for fuel, oil, landing/hangar fees away from base, and other direct costs of operation during the lease.
8. Use & Return
- Lessee will operate the Aircraft only for [permitted uses] and in compliance with the FARs and the POH. The Aircraft is returned in the condition received, less normal wear, with logbooks current.
9. Truth-in-Leasing (14 CFR 91.23)
Required for applicable dry leases — confirm applicability and complete the FAA notification with counsel.
- During the duration of this lease, [PARTY] is considered responsible for operational control of the Aircraft. [PARTY] certifies that the Aircraft has been inspected and maintained in accordance with the applicable requirements of the FARs for the operations conducted under this lease.
- An explanation of the parties' responsibilities for maintenance and inspection is attached.
- The parties understand that the FAA and the National Transportation Safety Board may inspect the Aircraft and this lease.
- A copy of this lease will be carried aboard the Aircraft and made available for inspection, and the FAA Flight Standards District Office will be notified at least 48 hours before the first flight under this lease, as required by 14 CFR 91.23.
10. Indemnification & Termination
- Lessee indemnifies Lessor for claims arising from Lessee's operation, except to the extent caused by Lessor. This lease terminates on the end date, on [N] days' notice, or on uncured default.
- Signatures: Lessor ______________ Lessee ______________ Date: __________
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