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The United Kingdom is due to leave the European Union on 29 March 2019. With this in mind, businesses are urged to review their contractual documentation to ensure that they deal with the impact that Brexit-related events may have on the business-to-business supply of goods or services. This article highlights the key features to consider when reviewing your contracts following Brexit.
The parties to a contract formed before Brexit will be bound to the original terms of the contract and obliged to continue to perform its obligations in full. Given the uncertainty as to the effects of Brexit (tariffs, border delays etc), businesses should consider adding a clause to cover the possible effects and to avoid a potential claim for breach of contract where an affected party is unable to renegotiate the terms of a contract whereby damages are actionable.
To answer this question:
Examples of predicted effects:
Here at Brindley Twist Tafft & James LLP, we have a dedicated commercial department who can advise you on and assist you with any changes to your current contractual documentation to help to cover the potential impacts that Brexit may have on your business. Call us on 02476 531 532 to speak to one of our friendly solicitors.