What does IP completion day mean for contract breach and remedies?
What does IP completion day mean for contract breach and remedies?

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

  • What does IP completion day mean for contract breach and remedies?
  • How does Brexit impact contract breach and remedies?
  • Breach and remedies
  • What are the key changes in practice from IP completion day?
  • Governing law and jurisdiction
  • Dispute resolution

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.

How does Brexit impact contract breach and remedies?

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 more information on the TCA, see: LNB News 24/12/2020 76 and LNB News 28/12/2020 12.

The extent to which UK courts and

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