Leases
In aviation, a lease is a contractual agreement between an aircraft owner (lessor) and an airline or other operator (lessee) whereby the lessee is granted the right to use the aircraft for a specified period of time in exchange for payment. Leases can be short-term (less than a year), medium-term (1-5 years), or long-term (more than 5 years). There are two main types of leases in aviation: wet lease and dry lease. In a wet lease, the lessor provides not only the aircraft but also the crew, maintenance, and insurance, while in a dry lease, the lessee is responsible for providing these services. Leasing is a common practice in the aviation industry, as it allows airlines to expand their fleets without committing to the high capital costs of purchasing aircraft outright.
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