General Summary- Participation in the PlaneSmart! managed aircraft ownership program begins with the execution of a Purchase Agreement, a Management Agreement, an Interchange Agreement, a Joint-Owners Agreement, and supporting documentation. These documents govern the purchase of an undivided interest in a specific aircraft in the PlaneSmart! Program, the management of that aircraft and the provision of aviation services by PlaneSmart! Aviation, and an agreement by all owners concerning the use of all program aircraft. These agreements:
- are designed to fulfill the regulatory requirements of the Federal Aviation Administration.
- ensure that all owners enjoy the uninterrupted benefits of aircraft ownership through the PlaneSmart! program at reasonably predictable costs.
Purchase Agreement - The Purchase Agreement (the "PA") establishes the terms and conditions whereby an interest in a specific aircraft transfers from PlaneSmart! to the Buyer. The PA states the percentage interest in the aircraft that is being exchanged and identifies the specific aircraft and the conditions of closing.
All PlaneSmart! aircraft are:
- 100% unencumbered and free of any liens from any other owner or financial institution during your ownership period.
Management Agreement - The Management Agreement (the MA) establishes the terms and conditions whereby PlaneSmart! will manage the aircraft. The MA sets forth the services to be provided by PlaneSmart!, including all Maintenance and Warranty Administration, Insurance, Aircraft Storage, Subscriptions, Cleaning, loose equipment (headsets, charts, etc), in return for a fixed predictable Monthly Management fee. More specifically, our management policies include the following:
- Maintenance and Warranty Administration: All program aircraft are maintained per manufacturer's guidelines of oil changes (including oil analysis) every 50 hours of operation, airframe and engine inspections for each 100 hours of operation, Annual Inspections, Furthermore, the aircraft are kept "squawk" free to assure that owners are flying the most dependable airplane in the sky, providing peace of mind for you and your passengers. Aggressive warranty administration helps keep costs down and therefore makes PlaneSmart! a strong advocate for your aircraft.
- Insurance: $1,000,000 Liability Insurance and 100% Hull Insurance for every pilot that participates in the PlaneSmart! program.
- Aircraft Storage, Subscriptions, Cleaning, and Loose equipment: PlaneSmart! takes great care in properly storing, subscribing, cleaning, and equipping your aircraft to the highest quality standards to improve your experience, allowing you to concentrate on flying.
During the term of the program, you will be responsible for a Monthly Management Fee that is proportionate to your shared interest. This fee covers the fixed costs such as insurance, aircraft storage, cleaning, charts, headsets, subscriptions, etc... that you would otherwise incur on your own anyway if you owned your own airplane. The MA provides an increased level of personal service and offer a hassle-free, safe, and convenient flying experience.
Owners Agreement- The Owners Agreement (the OA) is an acknowledgement that all owners have an undivided interest in a specific aircraft and that they agree to own the aircraft as tenants-in-common. All owners also appoint PlaneSmart! to provide administrative services (scheduling, training, etc.) and management of schedules of all participating program aircraft.
- Scheduling: 24 hour scheduling is available through PlaneSmart!'s dedicated Operational Control Center, staffed by dedicated Customer Care Specialists, which means you'll never have to deal with other "partners."
- Training: All owner-pilots are required to take an Initial Transition Training course prior to being allowed to fly any program aircraft. Owner-Pilots are trained to the highest standards, giving you confidence not only in your own ability to safely fly the aircraft, but also comfort that all other program participants are operating and flying the aircraft to the same high standards. Participation in the program also gains you access to dedicated and well qualified instructors for six-month program flight checks and annual/biennial flight reviews.
Interchange Agreement- The Interchange Agreement (the IA) allows all owner-pilots to fly other program aircraft, , thereby enjoying the many benefits of fleet access.
- Fleet Access: You gain access to a fleet of identically equipped and well maintained aircraft. Should your program aircraft be unavailable or out of service (due to maintenance, scheduling variance, upgrades, etc.), you have the ability to "Interchange" with, or fly, other aircraft that you are already familiar with, trained in, and insured to fly.