- How will Brexit affect continued legal/regulatory compliance?
How will Brexit affect continued legal/regulatory compliance?
How will Brexit affect continued legal/regulatory compliance?25 Jul 2016
The second in our series by Kuits’ Commercial and Intellectual Property partner Martin Lewis, this article looks at how Britain’s departure from the European Union could affect Commercial Contracts in the context of continued compliance with changing laws and regulatory regimes.
– Brexit may lead to changes to the laws which apply to a contract, or to any goods or services which are to be supplied under it
– Brexit may also lead to new UK regulators being appointed to replace existing EU ones, which might then apply changed rules
• Potential issues:
– Who pays for any changes required to the contract, in order to “stay legal”?
– Will new or replacement licences/authorisations need to be obtained?
• Things to do now:
– Check existing and new contracts – are you still comfy with the way your contract splits these risks between the parties?
– Discuss openly with the other side how these risks should be more fairly shared, and seek to agree variations if necessary.
• Things to watch out for in the future:
– Monitor changes in laws, regulators and authorisations both before and after Brexit.
Kuits will monitor changes on behalf of clients, issuing regular updates. If you’d like to join the mailing list for commercial updates on Brexit, sign up by emailing firstname.lastname@example.org.