You've narrowed down your search to a particular model and budget, know where the aircraft will fly and what parameters it should have...
You've narrowed down your search to a particular model and budget, know where the aircraft will fly and what parameters it should have (describing and reading about this process is boring – why don't you call or email instead and we'll go through it). After reading other articles about mandates you've made the sound decision to sign one. What should it include?
Define the specific aircraft model and acceptable year range.
Remaining warranty, engine programmes, maintenance status, seating, certification.
Clearly defined acquisition budget.
It's easier to agree on a fixed fee roughly around 3–5% of the acquisition cost depending on the price of the aircraft. A percentage won't work as well because technically the broker gets more if he sells you a more expensive plane.
Typically at least 180 days.
If you're on a hunt for a very popular aircraft model.
Many buyers don't like to have a condition saying they must pay the broker commission if he brings them the perfect aircraft, initiates the deal, but the buyer then decides to walk away. Sometimes it's possible to negotiate softer terms. However, such a paragraph is yet another motivator to make up your mind properly, be sure that you're really buying an aircraft, and only then sign a mandate.
If you have questions about drafting a mandate or need consultation – please contact me via messengers or email.