If this has not already been done, existing contracts should be reviewed to identify what impact Brexit may have on obligations under the contract or whether Brexit will result in uncertainty. Checklist of the main issues to be considered when reviewing existing contracts or future-proofing new agreements in a UK or cross-border business-to-business context are
- The geographical scope (e.g.: licenses or distribution rights referring to EU)
- Competent court and applicable law: In the event of a no-deal Brexit, these would no longer apply, potentially leading to considerable uncertainty.
- Enforceability of the contract under new applicable regime
- Termination of the contract under Force majeure and Material Averse provisions
- Data protection: Will EU’s General Data Protection Regulation (“GDPR”) will continue to apply in the UK following Brexit ?
- Liability: Consider potential liability under your contracts if Brexit results in your organisation being unable to fulfil its obligations
Key words: Brexit Risk Management Compliance GDPR Manual Review Regulation