Thursday, January 18, 2007

Upon Further Review

To subsidize the expensive flying habit, the IFR Pilot is forced to practice law. Practicing law has its ups and downs, but that's for another forum.

Recently, a client called. He was thinking about becoming involved in a fractional ownership program for a single-engine piston aircraft. There are several, and there's no need to identify which one. He wanted an aviation-savvy lawyer to review the documents. Thus enters our faithful narrator.

I'll refrain from commenting on the merits of fractional ownership programs for piston aircraft, other than to note that they are right for some people and not for others. But here's something I toss out to the proprietors of those programs: If you are going to ask someone to invest a five-figure sum into your program and trust you to "professionally" manage a half-million dollar plane, kindly ask your lawyers to make sure that they proofread the contracts you will be sending out. It is your credibility, not theirs, that is severely undermined when the purchase agreement and interchange agreement contain spelling and punctuation errors.

That is all. Thank you for listening.

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