Aircraft Lease is a type of financing arrangement in which an aircraft owner (lessor) leases an aircraft to another party (lessee) for a specified period of time. The lessee is responsible for the aircraft’s maintenance, insurance, and other operating costs. The lessor typically retains ownership of the aircraft and receives a fixed monthly payment from the lessee. Aircraft Lease agreements are typically structured as either a dry lease or a wet lease. In a dry lease, the lessee is responsible for all operating costs, while in a wet lease, the lessor provides the aircraft and crew.