Wet Lease vs. Dry Lease

A wet lease (ACMI — Aircraft, Crew, Maintenance, Insurance) means the aircraft owner/lessor provides the crew. Operational control remains with the lessor, who operates under their own Part 135 Air Carrier Certificate. A dry lease provides the aircraft only — the lessee supplies the crew and has operational control. If the lessee operates for compensation or hire, the lessee must hold their own Part 135 certificate.

In a wet lease arrangement, the lessor (who provides crew and aircraft) is the air carrier and must hold a Part 135 Air Carrier Certificate. The lessee receives the transportation service but is not the operator. The lessor's OpSpecs must authorize wet-lease operations.

Operational control (defined in 14 CFR 1.1) means exercising authority over initiating, conducting, and terminating a flight. The party with operational control is the air carrier — and must have the certificate. In a wet lease the lessor has it; in a dry lease the lessee has it. The FAA looks at facts, not just what the contract says.

Yes, but only under strict conditions. Section 91.501(b) enumerates arrangements (time-sharing, interchange, joint ownership) where limited cost-sharing is allowed without triggering Part 135. However, these exceptions have narrow definitions — particularly "time-sharing," which limits reimbursable costs to specific enumerated items. Any arrangement that doesn't strictly qualify as a 91.501 arrangement and involves compensation will require Part 135 certification.

14 CFR 135.1 defines who must hold a certificate. 14 CFR 110.2 defines "wet lease" and "dry lease." 14 CFR 135.77 covers the responsibility of the certificate holder. 49 U.S.C. 41101 makes operating as an air carrier without a certificate a federal violation.