What does Brexit say
References to the EU as a territory and EU laws in existing commercial contracts.
What do we say
Review your current contracts to determine if amends are required to:
- Reflect that the UK is no longer an EU territory.
- Set out how EU law is to be interpreted post-Brexit.
When drafting new contracts:
- Decide whether the contract should cover the EU at the date of the agreement or from time to time (there may be further changes to members of the EU). If the UK is to be included in addition to the EU member states, this now needs to be expressly stated.
- Consider whether it will be best to incorporate legislation as it evolves (i.e. as amended, extended or re-enacted) or to have references fixed at the time of entering into the contract.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.