COVID-19 HAS BOOSTED THE BUSINESS aviation market as more executives look for transportation alternatives to decimated commercial airlines. Legitimate charter operations are booming-but so is the market's illegitimate underbelly: so-called gray-market "dry leases." Dry leases occur when an owner agrees to rent a business aircraft to someone and give them complete operational control of the plane for the extent of the lease, whether it's for one trip or for a year; in a "wet lease," the owner also provides a crew and possibly services, such as maintenance.
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