We discuss four ways Legatics helps streamline complex aircraft sales and leasing for lawyers
With airlines racking up hefty annual net losses in the wake of Covid-19 and high fuel costs, alternative aircraft financing and aircraft leasing have become popular approaches for cash-poor airlines looking to renew their fleets.
Aircraft sales and leasing represents a challenging area for lawyers, due to its highly complex and regulated nature. In this article, we discuss four ways Legatics can help lawyers manage aircraft sales and leasing transactions.
Aircraft sales and leasing challenges for lawyers
Aircraft sales and leasing transactions involve multiple parties and documents. As such, they come with some common challenges for lawyers.
Here are four typical problems lawyers encounter with aircraft sales and leasing transactions and how Legatics can help:
Problem 1) Creating and maintaining a Conditions Precedent (CP) checklist
The CP process in an aircraft financing transaction tends to be arduous due to the number of parties and the technical requirements involved. A CP checklist outlines, and helps lawyers keep track of, these requirements. It also helps prevent the risk of disputes or issues later, after the transaction has completed.
The aviation industry is strictly regulated, making compliance and due diligence particularly important. Having a comprehensive, accurate and up-to-date CP checklist is therefore essential!
With Legatics, you can create CP checklists quickly and easily. Our legal text import tool allows you to import your CPs directly from your facility agreement. You can also import from Word tables and Excel.
Once you’ve imported your CPs in our list, you’ve got complete flexibility to add, remove, rename, resize and re-order the list’s columns. You can also assign actions regarding the relevant condition to the corresponding party, leave comments, and check the status in real time.
Automating these steps cuts out lengthy email chains and admin time, as well as preventing delays to the progress of your transaction.
Problem 2) Document management
Aircraft sales and leasing transactions require a high volume of documents, such as purchase or lease agreements, insurance certificates, bills of sale, security agreements and more…
In an aircraft sales and leasing transaction, lawyers need to carry out thorough due diligence to ensure the relevant documents exist and comply with the applicable laws and regulations.
These documents typically exist in a range of formats and in several locations. Managing them can be difficult for lawyers, e.g. in finding the latest version, which can in turn hinder collaboration and impact progress.
With Legatics, all of your documents are held conveniently in one place. This gives you total visibility over them as well as a document history, with version numbers. It also means they can be accessed easily by everyone. For complex transactions like aircraft sales and leasing, this makes the work of the lawyer much easier.
Problem 3) Managing multiple parties
Due to their complex nature, aircraft sales and leasing transactions involve several parties, including airline operators, aircraft lessors, financial organisations, and regulatory authorities. These parties may also be located in different time-zones and jurisdictions.
Communicating, managing actions and co-ordinating documentation can therefore pose a problem for lawyers.
Legatics has everything you need to collaboratively plan, manage and execute your aircraft sales and leasing transaction.
Using a central platform, that’s accessible at any time by all parties, reduces unnecessary time and admin in email correspondence, phone calls, and reminding parties to action items assigned to them. It also offers real-time visibility of your transaction’s status.
Problem 4) Ensuring confidentiality
With the large volume of sensitive documentation involved in aircraft sales and leasing transactions, lawyers play a vital role in ensuring documents are protected and restricted to the relevant parties.
The advanced permissions in Legatics enable you to ensure information and parties remain confidential, while allowing effective collaboration. With our advanced permissions, you can:
- restrict who can see lists and specific data in them (like rows, columns, files and comments)
- set permissions at user level
- hide users from other parties
- view your matter as another user
Book a demo and give it a try!
Legatics has several features to help law firms manage all types of transactions, from creating lists to closing sets. If you’d like to learn more about how Legatics can help you manage your legal projects, request a product demo today!