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This Practice Note explains the implications of IP completion day in relation to contract breach and remedies. The implementation period put in place to enable the UK to transition away from the EU’s laws and institutions ended at 11 pm (GMT) on 31 December 2020. At that point in time (referred to in this Practice Note as ‘IP completion day’) there were immediate changes that impact contracts in the UK. This Practice Note explains the implications of this change in relation to contract breach and remedies and links through to deeper content where you can find out more.
The law relating to the formation and interpretation of contracts in England and Wales is largely governed by common law which has not been directly impacted by IP completion day. The common law principles which determine what is a breach of contract and the remedies available within the UK have not changed following IP completion day.
On 24 December 2020, the UK and the EU agreed a Trade and Co-operation Agreement, provisionally effective from 1 January 2021 (TCA). The TCA does not fundamentally change the impact that the end of the implementation period has on contract breach and remedies. For
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