The National Business Aviation Association (NBAA) has published a new guidance statement, “Ethical Business Aviation Transactions,” outlining best practices for ethical transactions between buyers and sellers of business aircraft products and services.
“Business aviation has always had a strong ethical culture with regard to transactions and a host of other matters,” said NBAA President and CEO Ed Bolen. “This statement underscores our industry’s emphasis on this priority, while also providing basic, practical considerations when it comes to business aviation transactions, which can be complicated as ever.”
Developed through collaboration between industry leaders and members of NBAA’s Business Aviation Management Committee (BAMC), the statement helps identify elements involved in business aviation transactions that reflect best practices, including compliance with federal, state and local laws, thorough maintenance of company policies and business records related to transactions, and methods for conflict-of-interest avoidance.
You can view the full statement here.
I purchased a J-3 based on an IA telling me that he had taken care of the aircraft for several years and that it was rough looking but was a sound airplane. The engine had 170 hours since major overhaul and had excellent compression. The plane was delivered to me in Nebraska from Pennsylvania and appeared to be in the stated condition. However at its first annual, extensive corrosion well beyond airworthy limits was found. In fact some spots were corroded clear through the structure. The compression was excellent in all cylinders but I had them inspected anyway, only to find that all four cylinders were cracked.. Many other discrepancies were found such as a tube that was fashioned from a soup can. If a purchaser cannot accept the word of the IA that had serviced the plane for several years, then who can be trusted?
What recourse is available to me? Probably none. The man is a menace to aviation but if I were to take any action, I would have to spend even more money with no reimbursement.