Brexit—contract risk management
Brexit—contract risk management

The following Commercial guidance note provides comprehensive and up to date legal information covering:

  • Brexit—contract risk management
  • Assessing the risk of Brexit to business
  • Contract audit

This Practice Note analyses the impact of Brexit on the contractual rights and obligations of businesses and considers the implications of Brexit for contract risk management. It provides detailed guidance on assessing the contractual risk to businesses posed by Brexit and how to carry out a Brexit risk-management contract audit and contract review.

Until the outcome of the negotiations for the UK’s future relationship with EU and the mechanics of its exit from the EU (Brexit) is known, it is more important than ever that lawyers consider how businesses can future-proof in a climate of uncertainty.

Businesses must implement a Brexit risk assessment and maintain Brexit risk-management strategies to ensure that they have taken the necessary steps to continue trading in their chosen markets post-Brexit. A full audit of existing contracts and future contract strategy should be carried out to ensure full visibility of the commercial impact of Brexit on the business. Businesses should also pay careful consideration to their future contracting policies and put in place measures to ensure that they can keep up with and respond to developments in the implementation of Brexit, whether such measures are legal or operational, in a timely and efficient manner.

See also: Brexit risk management: contract audit—checklist.

For more information on the mechanics of Brexit, see Practice Notes: Brexit timeline and Brexit legislation tracker.

For more information