When it comes to buying or selling experimental aircraft, having a sales agreement in place is essential. This is because experimental aircraft are unique and often customized, making it important to have a clear understanding of what is being bought or sold.

An experimental aircraft sales agreement should include several key elements. These include:

1. Identification of the Aircraft: The agreement should clearly identify the aircraft being sold, including the make, model, and any relevant serial or registration numbers.

2. Purchase Price: The agreement should state the purchase price of the aircraft, as well as any applicable taxes, fees, or other costs associated with the sale.

3. Payment Terms: It is important to clearly outline the payment terms, including the payment schedule, method of payment, and any applicable interest or late fees.

4. Delivery and Acceptance: The agreement should state when and where the aircraft will be delivered, and the conditions under which the buyer will accept the aircraft.

5. Warranties and Representations: The seller should make certain warranties and representations about the aircraft, such as its condition, history, and any defects or damage.

6. Indemnification and Liability: The agreement should address who is responsible for any damages or liabilities related to the aircraft, including any accidents or injuries that may occur.

7. Dispute Resolution: In the event of a dispute, the agreement should outline the process for resolving the dispute, such as through arbitration or mediation.

It is important to have legal counsel review any experimental aircraft sales agreement before signing it. This is because these types of agreements can be complicated, and it is essential to ensure that the agreement is legally binding and protects both the buyer and seller.

In addition to having a sales agreement in place, it is also important to conduct a thorough pre-purchase inspection of the aircraft. This can help identify any potential issues or problems that may impact the value or safety of the aircraft.

Overall, an experimental aircraft sales agreement is a key component of buying or selling an experimental aircraft. By including the elements discussed above and seeking legal counsel, both buyers and sellers can protect their interests and ensure a smooth transaction.