Mon, Jan 24, 2011
However, Erickson Air-Crane Says Agreement Is
"Non-Binding"
A non-binding memorandum of understanding was signed last month
between Erickson Air-Crane and Wan Yu Industries Groups, Limited
(Taicang) for the purchase of five S-64F Aircranes by Taicang,
which will be manufactured at Erickson's facility in Central Point,
Oregon.
The memo also agrees to cooperation with and support of Taicang
in developing the capabilities and facilities required for the
manufacture, marketing and support of the Aircrane in China, along
with support in obtaining the Civil Aviation Administration of
China certificate of airworthiness for the Aircranes that are
operated in China.
The material terms of the purchase of the five S-64F Aircranes
by Taicang were included in a separate agreement signed by both
parties on December 8, 2010, as amended December 24, 2010. The
obligations of each party under the agreement are conditioned on
the payment by Taicang on or before January 31, 2011 of a
non-refundable deposit. But Erickson said in a news release that
there is no guarantee that Taicang will make the deposit, and the
company may have no legal recourse, other than termination of the
agreement, if Taicang does not make the deposit.
File Photo
The five aircraft are to be delivered over a two year period
beginning with the delivery of the first Aircrane February 28,
2011. The agreement specifies that the additional aircraft are to
be delivered in the third fiscal quarter of 2011, and the first,
second and third fiscal quarters of 2012. The agreement also
contains the payment schedule for each aircraft, including advance
payments based on the aircraft’s expected delivery date, and
terms for pilot and maintenance training, warranties and pricing
incentives.
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