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Just as is the case with an automobile, if you can't afford to purchase a plane, you can rent one for a short period of time. A wet lease agreement is more tailored for a lessee who is fairly new to renting planes or doesn't have the time to provide all of what is needed to operate an aircraft.
Identification
With a wet lease, the lessor is responsible for providing the aircraft, crew, general maintenance and, in some cases, fuel.
Name Origin
The lease is called wet because of the jet fuel that is provided as a part of the agreement, though fuel is not as common in modern wet lease agreements.
Payment
The lessee must pay a fixed fee for the lease period along with a per-hour rate for the amount of time that he spends flying (or riding in) the aircraft.
Variations
Damp leases are those that have limited crew members, and an ACMI (Aircraft Crew Maintenance and Insurance) lease is different from a standard wet lease because it includes insurance. A dry lease is for the aircraft only.
Documentation
The agreement must include information on how the aircraft will be used, who will operate and work on the plane, and approval from the renter's Civil Aviation Authority and the United States Department of Transportation Economic Authority.
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