When Icon released its original aircraft purchase agreement for the A5 the response within the industry was intense. While understanding that Icon was trying to control its product liability exposure contractually, the terms were decried as unreasonable.
Icon listened and in mid-June rolled out a newer, shorter agreement. It is a combined purchase and operating agreement that, we think, is designed to help reduce Icon’s exposure to product liability claims over accidents where the pilot is at fault and to increase the level of safety of operation of the A5 by getting the owner to agree to certain operating and maintenance standards. It also has obligations that the owner must meet when selling the airplane on the used market.