AGREEMENT OF SALE
BE IT KNOWN that on this day, the _______day of _________________, 20__, the following parties did enter into and contract for the sale of a certain aircraft as will be described hereinafter, in accordance with and subject to the following:
That Vendor and Vendee have contracted for and executed a certain aircraft bill of sale which is being executed contemporaneously herewith, and it is the intent of the parties that said act of sale be made in conjunction with the following terms and conditions described herein. The aircraft referred to herein is a certain experimental aircraft, hereafter referred to as “airplane” or “aircraft”, described as follows:
Type: Experimental Velocity _________ (Model)
F.A.A. Reg. # N
Vendor declares and Vendee acknowledges that said airplane is an experimental class aircraft which was built by Vendor, who at the time of construction of the airplane was an amateur aircraft builder and that Vendor neither professes or claims that he has nor had any expertise or skills in the construction or assembly of composite aircraft, or their component parts or equipment, nor in the maintenance of said aircraft since its licensing.
. That in consideration of the sale and assignment of said aircraft by Vendor to Vendee, for a price of $___________________, cash, Vendee does hereby bind itself, its heirs, leasees or assigns in title, and does hereby agree to release and hold harmless, Vendor, his heirs and assigns, free from any and all claims whatsoever, associated with or arising out of any use, or operation of said aircraft, regardless of whether said claim arises out of any act or omission of Vendor, whether as a vendor, builder, assembler, manufacturer, mechanic or repairman of said aircraft or any of its component parts, or failure of Vendor to warn of any defective part, design or assemblage of said aircraft, whether known or unknown, and Vendee shall indemnify Vendor from any and all such claims arising hereafter, in the event of subsequent liability of Vendor for same.
Vendee acknowledges that Vendor has made no express or implied representation or warranty regarding the continued air*worthiness or safety of said aircraft and Vendee shall assume total responsibility for the future operation and maintenance of said aircraft and shall obligate himself, his agents or assigns to inspect and correct any and all defects or deficiencies on said aircraft which may in any way affect the future safe operation, whether or not visible or detectable by reasonable and ordinary inspection, and to be solely responsible for any and all plans changes or recommendations issued by Velocity Aircraft Factory or the FAA regarding said aircraft to-date or in the future.
Vendee further acknowledges that the terms of this agreement shall be controlling as to any actual sale or delivery of said airplane whether or not specifically incorporated in the terms thereof or by reference and that this document contains the entire agreement between the parties and that its terms may only be modified by specific written agreement. That Vendor sells said aircraft as is without any warranty as to fitness as to any purpose whatsoever and that this agreement shall become an addendum to the Owner’s manual of said aircraft and shall become binding on any subsequent purchaser, assignee, or operator of said aircraft, and that the terms and conditions of this agreement and for any action arising therefrom or from the sale, manufacture or maintenance of said aircraft shall be controlled and governed solely by the Laws of the State of _________________ and jurisdiction and venue for the same shall vest solely in the State of __________________.
Thus done and signed this______day of ______________,20___, at ________________ in duplicate original.
WITNESS: __________________________ _____________________________ Vendor
Posted By: Brett FerrellSaturday July 10th, 2010 at 11:48 PM