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Thrings' Brexit MOT - Review Your Business Now
Thrings’ Brexit MOT is a legal review service that will identify issues that might arise from the UK’s exit from the EU and will propose ways to resolve them.
We must wait to find out the exact terms of Brexit but every business should take advice on the implications that Brexit has for its business and trading relationships with both suppliers and customers.
HOW IT WORKS
A member of the commercial team at Thrings will agree the scope of the Brexit MOT with you, taking into consideration the nature of your business, your particular sector and the risks and opportunities presented by Brexit. After an initial assessment of the impact that Brexit may have on your business, they will help you review the contractual relationships that you have, including a consideration of your supply chain.
Thrings will help you identify which contracts should be reviewed. These might be:
- Existing contracts (or contracts in the process of being negotiated) with a contractual term (or potential contractual term) that extends beyond March 2019
- Existing contracts (or contracts in the process of being negotiated) that could be renewed such that the contractual term extends beyond March 2019
- Your own standard terms and conditions of trade or other template documents
- Standard terms of trade of your customers or suppliers on which you regularly trade
All contracts have the potential to be impacted but we recommend that you focus on contracts with high income or cost values or that are key to your business and which have an EU connection. Thrings will then conduct a detailed review of the selected contracts in order to identify issues that might arise following the UK’s exit from the EU, in particular they will look at:
- Contractual price mechanisms, price review provisions and currency risk issues
- Impact on delivery, delay events and ‘excusing causes’
- Commercial effect, tariffs on goods or services, increased cost of EU customs checks
- Territorial scope and references to ‘EU’
- Force Majeure
- Termination rights
- EU law obligations (including references in the contract)
- Use of personal data and data protection compliance (if relevant)
- Licensing of EU trade marks
- Dispute resolution provisions
YOUR REPORT AND NEXT STEPS
Following the review, Thrings will provide you with a report that will:
- Advise you as to how Brexit may impact on your trading relationships
- Make recommendations for each contract that is reviewed and propose next steps
- Provide guidance for contracts which you may enter into in the future
- Identify areas of law relevant to your business which may change as a result of Brexit
Thrings will offer both an estimated fee and a fixed fee which will be based on the scope agreed with you, your needs and portfolio of contracts.