Keeping abreast of the resulting changes, now that Theresa May has triggered article 50, is important for individuals and businesses alike.

What should businesses be doing to ensure they are ready post-Brexit? 

  • Assessing how Brexit may affect them – the business itself, their customers and their supply chain.
  • Reviewing contracts.
  • Considering the inclusion of an express Brexit clause in contracts, specifying the potential triggers, the process for renegotiation and/or a process for termination.
  • Potential triggers – increases in costs, the imposition of applicable trade tariffs, an unacceptable exchange rate fluctuation, the loss, or increase in the costs of, a particular supplier, the inability to obtain the necessary skilled or unskilled labour.
  • Clauses to be reviewed – term and termination, payment and currency, compliance with applicable laws, choice of law, jurisdiction, dispute resolution, arbitration.

After many years of red tape from Brussels tying up business and an endless number of EU Regulations, it is difficult to predict what happens next.  But businesses should at least start to consider the potential implications, and ensure they will avoid the obvious pitfalls.

There is no point bemoaning the uncertainty – talk to Suzanna Patalong or Dean Parnell, Partner at Sydney Mitchell and get yourself ready - call 0121 698 2200.

 
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