FRACTIONAL FIRST™
Participation in the Flight Options Fractional First™ program involves the execution of four separate agreements. They include the Purchase Agreement, Management Agreement, Owners Agreement and Master Interchange Agreement. These agreements are intended to fulfill the regulatory requirements of the Federal Aviation Administration (FAA) and to ensure that all Owners enjoy the uninterrupted benefits of aircraft ownership through the Flight Options program at relatively predictable costs.
PURCHASE AGREEMENT (PA)
The Purchase Agreement establishes the terms and conditions whereby an interest of a specific aircraft transfers from Flight Options to the Buyer. The Agreement states the percentage of the aircraft that is being exchanged and references the identification of the specific aircraft.
MANAGEMENT AGREEMENT (MA)
The Management Agreement establishes the terms and conditions whereby Flight Options will manage the aircraft. The Agreement references the percentage of the aircraft that is owned, the identification of the specific aircraft and references the other governing documents to the transaction. This Agreement sets forth the services provided to Owners in the Flight Options program.
OWNERS AGREEMENT (OA)
The Owners Agreement is signed by all of the Owners of a specific aircraft. The Agreement assigns each of the Owners an undivided interest in the aircraft. The Owners Agreement contains required regulatory provision among the Owners.
MASTER INTERCHANGE AGREEMENT (MIA)
The Master Interchange Agreement is signed by all Owners in the Flight Options program. The Master Interchange Agreement provides the means by which all Owners of the interchange aircraft will participate in the program. The Agreement states that all Owners have an undivided interest in an aircraft and desire to enter into an interchange program under the terms of the Federal Aviation Regulations. Flight Options agrees to provide administrative services under the Flight Options Master Interchange Agreement.
JetPASS MEMBERSHIP
Participation in the Flight Options JetPASS Membership program involves the execution of one document, the JetPASS Agreement. This agreement is simple and straightforward. Just sign and fly.
JetPASS AGREEMENT
The JetPASS Agreement establishes the terms and conditions whereby a Member will have the right to use aircraft in the Flight Options fleet. The Agreement specifies that you have access to light, mid-size, super mid-size, and large-cabin aircraft and the services provided to Members of the JetPASS program.
LEASING
Participation in the Flight Options lease program involves the execution of three documents, the Lease Agreement, the Master Interchange Agreement and the Management Agreement. These agreements fulfill the requirements to participate in the Flight Options lease program.
LEASE AGREEMENT
The Lease Agreement establishes the terms and conditions whereby the Lessee is leasing an interest of a specific aircraft and share size . The Agreement identifies the lease responsibilities of the Lessee and Lessor.
MANAGEMENT AGREEMENT (MA)
The Management Agreement establishes the terms and conditions whereby Flight Options will manage the aircraft. The Agreement references the percentage of the aircraft that is owned, the identification of the specific aircraft and references the other governing documents to the transaction. This Agreement sets forth the services provided to Owners in the Flight Options program.
MASTER INTERCHANGE AGREEMENT (MIA)
The Master Interchange Agreement is signed by all Owners in the Flight Options program. The Master Interchange Agreement provides the means by which all Owners of the interchange aircraft will participate in the program. The Agreement states that all Owners have an undivided interest in an aircraft and desire to enter into an interchange program under the terms of the Federal Aviation Regulations. Flight Options agrees to provide administrative services under the Flight Options Master Interchange Agreement. |
