What can businesses do to ensure that their commercial contracts are "Brexitproof"? Despite the continued uncertainty over the nature of the UK's future relationship with the EU, there are steps that you can take now.
What will change?
Overall, the EU has had a fairly limited impact on English contract law. But Brexit is likely to have a major impact on a range of issues with the potential to affect the parties' commercial bargain, such as tariffs on goods, exchange rates, VAT and changes to the framework of law relating to the parties' activities under the contract. The table below outlines some of the key issues to consider. Not all contracts will be equally affected – but in higher risk cases, businesses may wish to consider whether the contract should be renegotiated and/or whether practical steps can be taken to reduce Brexit-related risk. If you have any specific concerns about the impact of Brexit on your contracts, you should seek legal advice.