WINGFORM is an aicraft transaction management platform that serves as your digital assistant in planning and execution of aicraft sales efficiently and securely. It encompasses all you may need in one place- from compliance verification to closing.
This article decribes how transactions are managed on Wingoform. After you finished setting up your working environment, you can create your first deal.
Creating a Transaction
Creating a transaction involves:
Selecting the deal's parties from previously added client accounts.
Choosing an escrow provider from the Platform's options or adding a new one.
Choosing a deal flow configuration from built-in options, each determining the transaction's sequence and forecasted timelines.
Entering Terms and Conditions of the deal, such as price details, delivery location, governing law, and inspection details, if available. These can be modified during the transaction as needed.
Modifying the automatically forecasted timelines of the deal's steps to reflect existing agreements or circumstances
Selecting templates for legal documents from those offered by the Platform or uploaded by the broker.
Once these steps are completed, the broker will have all the necessary preparations in place to start the transaction. A deal dashboard will be created in the 'Deals' section.
Performing the Transaction
Managing transactions on the Platform involves following the deal flow step-by-step, with guidance provided at each stage according to the chosen flow and timelines. Actions include arranging the signing of automatically drafted documents, confirming fund transfers, uploading third-party documents, and entering decisions made by the parties. Brokers are notified of deadlines and the outcomes of client and third-party actions.
The transaction steps include (depending on the chosen configuration of the deal):
- Letter of Intent
- Visual Survey
- Test Flight
- Deposit
- Confirmation of Terms and Conditions
- Aircraft Purchase Agreement
- Pre-purchase Inspection Arrangements
- Pre-purchase Inspection Results
- Technical Acceptance (or Rejection) Letter
- Discrepancy Resolution (if any)
- Final Payment
- Aircraft Final Delivery Confirmation
- Pre-closing Obligations
- Closing Documents
- Closing
There are different options for specific actions:
Drafting and Signing Legal Documents: Documents are automatically drafted by the Platform from selected templates. Brokers can use these drafts, send invite links for digital signatures, or upload scanned copies of externally produced documents. Wingform does not modify or verify the content of these documents.
Escrow and Payments: If using closing providers from the Platform, fund movements will be automatically reflected in the deal dashboard. Otherwise, brokers must manually confirm fund transfers.
Changing Terms and Conditions: Brokers can modify terms if renegotiated by the parties. The system will suggest modifiable terms based on the transaction stage, and an amendment to the purchase agreement will be automatically drafted for signing.
Wingform assumes no responsibility for the accuracy of data entered and documents uploaded by brokers, nor for the real-world actions confirmed.
Controlling Multiple Transactions
Brokers can manage multiple transactions simultaneously. The 'Deals' section provides an overview of all transactions and access to individual dashboards. Transactions are automatically available to executives or team members with admin rights, while other members can view only those transactions they have permissions for.
