BY DEAN FENDI NEWS September 27, 2019

Is your business ready for Brexit?

Is your business ready for Brexit?

Brexit day is approaching as the day the UK will be officially leaving the European Union. Your business needs to check how Brexit will affect the processes and commercial contracts you currently operate within.

The long term and short term impact of Brexit is unknown but as a prudent business you should prepare for the different scenarios that may arise from a “hard” or “soft” Brexit.

As a matter of good commercial awareness your business should have a contract reviewed to see if there are changes to the way the contract will operate post-Brexit. Your business will be using any number of different contracts, including but not limited to supply agreements, a purchase agreement, terms of conditions, distribution or a licence, if so all of these will need be to reviewed to assess the commercial impact.

What areas your business should consider?

How your business is affected will depend but not limited to the following:

- the nature/scope of your business

- Type of business

- Where you sell or supply, or purchase

- Goods/ services

The following issues would be included in a contract review:

1. Jurisdiction - What reference is there to the applicable legal system in the event of a dispute? Will this be French, German or any other European law or English law?

- Do English courts have the exclusive right to settle the dispute?

2. Termination - Should Brexit have a negative impact on your business can you terminate the contract?

3. Compliance with the applicable law - Are there any specific EU-laws or regulations your contract binds your business to?

4. Taxes/ Fees – do you have the option or ability to re-negotiate a change in taxes or fees payable

5. Currency – is your contract compliant with non-Euros or GBP sterling?

Current contracts

For contracts already agreed upon, a review would identify the clauses or sections that are likely to be affected or triggered by Brexit, so whilst the existing contract may not be amended you will have visibility as to what the potential impact might be. However, there are options for such scenarios we can discuss with you.

Future contracts

For contracts that are currently being negotiated or yet to be entered into, the focus should be on ensuring the wording of the contract provides adequate protection against an adverse Brexit impact on your business.

Our Service

We can provide you with a tailored commercial contract assessment for your business which will include in-depth feedback as to what is in the contract, along with providing an analysis of anything that is missing to ensure all eventualities are covered. This will save your business both time and resource and reduce your overall contractual risk exposure.

Should you have any questions please send a message on the Contact Us link.

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