The Parachute is a usable item in Codename Eagle.
The Parachute is a resuable inventory item with unlimited uses. To deploy, select the parachute while you are in mid air, and it will activate the parachute. Activating the parachute will slow your descent and possibly save you from fall damage. However, you cannot deploy a parachute when you are past the fall point.
Parachutes are available inside of both bases.