The following Commercial Q&A provides comprehensive and up to date legal information covering:
The change to the economic and commercial environments within both the UK and the EU as a result of Brexit may impact on the underlying commercial deal to such an extent that one or both parties would seek to terminate existing contractual commitments.
If, as part of its audit, a business discovers a contract that it would seek to terminate, or in the event that it is contacted by another party seeking to terminate an agreement on the grounds of circumstances arising in connection with Brexit, the specific terms of the agreement should be checked in the first instance.
Although it is unlikely that any specific drafting would have been included in contracts signed prior to the vote result, there may be rights to terminate for convenience or break clauses which can be triggered. Otherwise, there may be clauses providing for termination in the event of material adverse change or similar. If there is no such right in the
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