On 6 February 2020, the UK Department for International Trade (DIT) launched a public consultation to begin shaping the country’s new independent global tariff policy following the UK’s departure from the EU. The upcoming regime will enter into force on 1 January 2021.
If your company is involved with contracting cross border trade deals for goods and services this is the time to consider the terms of those contracts.
Should the contract be in Sterling or Euro? What will the impact be on anticipated changes to VAT rules? Do your contractual provisions relating to Frustration and Force Majeure deal adequately with Brexit?
We have recently seen a number of clients seek advice about including price adjustment clauses and so called “Brexit Clauses” to ensure the commercial viability of their contracts post transition period.
Now is the time to review your cross border contracts. If you would like support with securing your post-Brexit interests or have questions generally, we would be happy to help.