With the referendum on 23rd June 2016 fast approaching, it is important that you are aware of the potential implications on your business should the UK vote to leave the EU.
Whilst negotiations to formally withdraw are expected to go on for a further two years after the referendum, it is important to be aware of the forecasted changes to the laws that govern contracts entered into by UK businesses.
As a result of leaving the EU, there will inevitably be an effect on existing contracts, for example where terms in a contract are dependent on particular EU legislation, and/or the EU Treaty which governs the principles of:
– free movement of goods
– freedom to provide services
– freedom of establishment.
If the UK does vote to leave, parties will need to consider their position under these contracts, and whether the relationship between the parties will need to be amended – particularly where certain provisions in EU Law will no longer be applicable. It is important to consider the position of your business in contracts you may have entered into with parties in Europe.
If you have any queries about the potential effects and implications of Brexit on your business, please don’t hesitate to contact Ellisons Solicitors on 01206 746677.