Aircraft

Late return of an aircraft under an aircraft operating lease could be distinguished from late return of a vessel under a time-charter for a vessel. A ship was very different in nature from an aircraft. It was obvious that the latter was far more vulnerable to a technical problem which would render it wholly, if temporarily, unusable. Ships did sufferer major engine breakdown, but the range of problems having a similarly paralysing effect was obviously far smaller than in the case of an aircraft. Secondly, an aircraft operating lease was significantly different in character from a time chart party. Under a time charter, the owner retained possession of the ship and was responsible for its maintenance and for its crewing and navigation. Under an operating lease, the position was very different. The lessee took possession of the aircraft and became responsible for its maintenance and insurance. After delivery of the aircraft, engines and every part were at the sole risk of the lessee