It is unlikely that Brexit will lead to major changes in current English contract law in the near future.
It also seems likely that English contract law will remain attractive for international contracts. The uncertainty over the European Court of Justice (ECJ), however, means that decisions in UK courts may not be readily enforceable in Europe after Brexit.
Businesses, therefore, need to ensure that the commercial terms of their contracts take account of potential changes in trade rules between the UK and the EU27. Questions to consider include:
- If tariffs or VAT rules change is it clear who bears the new costs?
- If import quotas are imposed, is it clear what happens?
- Are there options to renegotiate if any of these things happen?