A Study on the Legal Issues Arising from Airline Lease Agreements and the Current Status on Private Jet Lease Agreements

항공기(航空機) Lease계약(契約)의 법적(法的) 문제와 Private Jet(자가(自家) 항공기(航空機)) Lease계약(契約)의 현황에 관한 연구(硏究)

  • Published : 2009.06.30

Abstract

In Korea, there is great lack in jet lease agreements compared to many other countries. Due to such scarcity in numbers of jet lease agreements, problems have never truly surfaced and legal foundation dealing with such issues have not yet been formulated. However, as the globalization is making the world smaller and smaller, the demand for jets will grow. As the Korean aviation industry is expanding tremendously, although very preliminary at this time, the interest and actual execution on private jet lease agreements will grow. The prediction of increase in the private jet ownership is causing the lease industry to be nervous and may require particular preparatory foundation works. Particularly, legal analysis and detailed review maybe necessary to set a precedent with will serve as the grounded rule in the future. It is notable that Vietnam, a country which is believed have a less developed aviation industry than Korea, had already established a specialized jet leasing company, VALC in 2007. Also, when leasing an airplane from a foreign financial institution, it is possible to obtain a government issued guarantee. Therefore, it is urgent for Korea to prepare the legal foundation for the future demands in aviation leasing, as well as private jet leases which in turn would promote national wealth and further develop the financial industry.

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