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Consignment Agreement

This is an actual contract by American Aircarriers.

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Sectors: Aerospace and Defense
Governing Law: South Carolina, View South Carolina State Laws
Effective Date: January 01, 1998
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THIS CONSIGNMENT AGREEMENT ("Agreement") is made on the ____ day of October, 1998, by and between AMERICAN AIRCARRIERS SUPPORT, INCORPORATED, a Delaware corporation ("AAS") and MIKE EVANS, a Florida resident ("Evans"). AAS and Evans referred together hereafter as the ("Parties").

1. The Parties desire to enter into an exclusive consignment arrangement whereby Evans will consign to AAS all of its JT-3/ASAP aircraft parts inventory and/or aircraft parts inventory controlled by Evans and/or other aircraft parts inventory or equipment that may be made subject to this Agreement at a later date ("Spare" or "Spares").

2. This Agreement sets forth the terms of the Consignment Agreement between Evans and AAS.


In consideration of the above recitals and mutual covenants and benefits provided herein, the Parties agree as follows:

1. Definitions. The following definitions shall apply:

a) Addendum. The document approved by Evans and AAS, which

identifies the Spares and sets forth the part number, quantity and

manufacturer's serial number, if known, and is subject to revisions

from time to time as both parties see fit.

b) Exchange. A transaction by which a third party requests

that a Spare held by AAS be shipped to the third party in order to

replace a part owned by the third party which is in need of repair. AAS

then sends the requested part to the third party and the third party

then sends the part needing repair to AAS. AAS has the part repaired

and retains it in AAS' inventory and bills the third party for the cost

of repair.

c) Exchange Fee. The amount billed to a third party and paid

to AAS pursuant to an exchange.


d) Exchange Unit. The Spare originally consigned to AAS by

Evans which is shipped to a third party in an exchange.

e) Extended Price. The total price of all identical Spares

held by AAS.

f) Gross Profit. The total amount of the purchase price

received by AAS from a third party without the deduction of any costs

or expenses.

g) Net Profit. The profit remaining from a sale of a Spare

after AAS has subtracted any costs of repair, overhaul, recertification

and freight of the Spare from the Gross Profit.

h) Premises. The facility at 3516 Centre Circle Drive, Fort

Mill, South Carolina, at which AAS shall store the Spares consigned to

AAS by Evans. However, Spares may be stored at a location owned and

controlled by Evans as the parties see fit.

i) Off Unit. The Spare received from a third party after an

exchange is completed.

j) Notice of Inspection. The written notice to be provided by

Evans not less than twenty-four (24) hours prior to any inspection to

be carried out by Evans pursuant to paragraph 3. below.

k) Spares. The aircraft parts to be consigned by Evans to AAS

under this Agreement, as provided in paragraph 2.

2. Consignment.

a) For each shipment of Spares to be consigned by AAS, Evans

shall provide Notice of Consignment.

b) Evans shall deliver to AAS on consignment such Spares as

the parties shall mutually approve and identify by execution of an

Addendum in the form described in Section 1(a). Each Addendum shall be

numbered sequentially beginning with Evans Addendum No. 1. These

Addendum's may be in the form of inventory listings that both parties

agree are complete and accurate.

3. Storage.

a) AAS shall, at its own expense, provide for the warehousing,

storage, removal, maintenance, marketing, sale and shipment (to

customers) of the Spares consigned and delivered to AAS, and AAS shall

also provide for all


management, operating, accounting, and billing in connection therewith.

b) AAS shall keep all Spares identified as the property of

Evans distinguishable from any other goods o
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