The wet lease of an aircraft is an arrangement whereby the lessor provides at least some crew, maintenance and fuel. The last of these is now uncommon despite being origin of the term.
There are various variations possible on the lease terms, but the common element is that the lessor retains some responsibility for supplying and operating the aircraft.
The payment for a wet lease partly a fixed amount per period of the lease and an hourly rate for hours flown.
A wet lease needs to be distinguished from:
- A dry lease: the simple lease of only an aircraft.
- A charter where the owner of the aircraft retains complete responsibility for operating it and provides it, and is paid, per flight.
Because of the possible variations and grey areas, the following terms may also be used:
- damp lease: a lease with less than a full cabin crew,
- ACMI lease: aircraft, crew maintenance and insurance, a more specific term than wet lease.
A more detailed explanation (and links to lists of aircraft available for lease) can be found on this specialised search site.