An interchange agreement is defined in 14 CFR 91.501 (c)(2) of the Federal Aviation Regulations (FARs) as an “arrangement whereby a person leases his airplane to another person in exchange for equal time, when needed, on the other person’s airplane, and no charge, assessment, or fee is made, except that a charge may be made not to exceed the difference between the cost of owning, operating, and maintaining the two airplanes.”

Interchange is a very narrow arrangement useful for two (or more) companies, each of which owns an aircraft, to swap time. The exchange of time must be hour-for-hour, but an hourly charge for the difference in operating costs between the aircraft can be made.

Only U.S. registered aircraft that are eligible to operate under FAR Part 91 Subpart F may utilize a interchange agreement. To be eligible, the aircraft must fall into one of the following groups:




Helpful Resources

NBAA Operating and Leasing Guide

Guidelines and considerations for common lease and management agreements with business aircraft, such as interchange.

FAA Regulations


Truth in Leasing Agreements (AC 91-37A)

FAA regulatory requirements for aircraft leases.



Avoiding the Pitfalls of Sharing Business Aircraft

An overview of business aircraft sharing options.