As quoted directly from CAL's 10-Q filed in April '07:
The Chautauqua CPA has a five year term with
respect to ten aircraft and an average term of 2.5 years for the balance of the aircraft. In addition, we have the unilateral right to extend the Chautauqua CPA on the same terms on an aircraft-by-aircraft basis for a period of up to five years in the aggregate for 20 aircraft and for up to three years in the aggregate for 24 aircraft, subject to the renewal terms of the related aircraft lease.
As far as us getting sued by CAL, I wouldn't believe everything that comes from the rumor mill over at ExpressJet High School.