Key points to consider are:
- What does Brexit mean for your commercial contracts?
- What do you need to consider when auditing current or negotiating new contracts?
- Can you terminate your existing contracts?
- How does Brexit affect the enforcement of your contracts?
Action to take:
- Audit your commercial contracts
- Look for any bias towards being part of the EU
- Could your rights and obligations in these contracts change after 31 Dec 2020?
- Check what it says in relation to termination of a contract
- Following the audit decide if you need to renegotiate or terminate any contracts
- If you need to renegotiate or are taking on a new contract, consider the following:
- Increased trade barriers and likely increased costs associated
- Movement of people e.g. can you workforce travel freely or not and how could this impact your business
- Monitoring the value of the pound e.g. factor in currency fluctuations
- Territorial scope of your agreements e.g. do they say EU?
- Parallel regulatory regimes e.g. when introducing new products or services into EU and UK markets
- Change in law e.g. laws will now doubt change after 31 Dec 2020, consider which laws your agreements are governed by
The UK has said it will incorporate Rome I and Rome II into UK law meaning agreements can continue to choose English Law to govern contracts.
Take Action Now
Please contact us to discuss the challenges you are facing and the solutions available to you by calling 0845 555 8844 or simply complete our enquiry form. Don’t wait, take advice now, we are here to help you.