Brexit—contract risk management
Brexit—contract risk management

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

  • Brexit—contract risk management
  • Assessing the risk of Brexit to business
  • Brexit team
  • Ongoing trading relationships
  • Communications and staff training
  • Dependency upon EU single market
  • Dependency upon EU citizens
  • Dependency upon EU funding
  • Competition law
  • Contract audit—introduction
  • More...

Brexit: As of exit day (11pm on 31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Brexit Bulletin—key updates, research tips and resources and Brexit toolkit.

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

For the purpose of this Practice Note, unless expressly indicated otherwise, all references to:

  1. ‘exit day’ are to that term as defined in the European Union (Withdrawal) Act 2018 (EU(W)A 2018), and which occurred at 11 pm on 31 January 2020

  2. ‘implementation period’ are to the period which runs from exit day (being the date the Withdrawal Agreement entered into force) until IP completion day

  3. ‘IP completion day’ are to that term as defined in European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020)

Note: similar to the statutory definition of exit day under EU(W)A 2018, the original IP completion date specified

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