Fractional Jet Ownership is also known as Fractional Time Sharing or Leasing. The concept of fractional ownership is not just limited to private jets. Legally speaking this kind of ownership is just like a resort condominium sharing. In this concept Individuals or an organization buys or leases any partial interest in one aircraft in just the similar manner in which you acquire a partial interest in some condo unit. Partial owner can use the same or identical aircraft the set number of hours or days yearly just like a condo owner of a resort uses his suit a specified number of days in a year.
Generally in a fractional jet ownership you buy or lease 1/8th interest in a private jet aircraft and you are allowed to have up to a max of 100 hours per year as part of your purchase. Some companies also offer 1/16th interest in the aircraft for the people who travel less in the year or who are on a tight budget. The cost of this partial ownership depends on the kind of aircraft you intend to buy. You are also allowed to purchase ownership hours in blocks. If you want avail more hours than allowed you can also purchase extra hours for your aircraft subject to availability. It is always save to plan your travel well in time and block your aircraft well before. Otherwise some other owner may book the same time slot.
In most of the programs offered by private aircraft companies there is a special facility also available with which you can avail when your aircraft is not available. You will have access to a large pool of aircraft which are owned or leased by others; you can use any available aircraft from this pool. This concept is also clearly expressed in the agreement. Though individual offers may differ but there is always room for negotiations.