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Will Brexit break my contract?

Will Brexit break my contract?

Legal contract review and protection.

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Image of Amanda Coale

Solicitor, Legal Services

KPMG in the UK

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Is your organisation contract ready?

What’s your exposure?

Do you know which contracts to focus on to assess your exposure? How will contracts with cross-border transfers operate post Brexit and impact your other contracts, such as those with customers?

Can your counterparty meet its contractual obligations and will it want to continue the contract?

Brexit could render it powerless to comply. It may now look unattractive with extra Brexit-related costs.

What’s your plan if they can’t or won’t meet the terms or do you need to make alternative plans?

Are your contracts enforceable and watertight? Will you know if things aren’t going well? Do you need to form a contingency plan to source elsewhere?

Can you meet your side of the bargain or do you want to renegotiate?

Just like your counter party, you may have challenges in meeting your obligations. What are the consequences if you can’t? Post Brexit, is the contract still commercially attractive? Is it better for you to renegotiate or exit?

How many contracts are we talking about and can your legal team meet the challenge?

Some businesses will have thousands of contracts that they need to assess, renegotiate and/or exit. Where do you start? You will need the know – how and capacity to spot issues, resolve disputes, renegotiate old contracts and draft new ones, both with existing and future counter parties.

How we can help

Assessing & mapping risk - We can either analyse all your contract portfolio to identify where you need to act most urgently, or advise you on where to focus first.

Prioritising key changes - Build a interactive heat map of your key risk areas across your portfolio to prioritise changes and plan their implementation to minimise disruption to your business.

Drafting - Our team of experienced commercial lawyers can help draft new contracts, prepare contract amendments and revise standard terms.

Training - KPMG offers in-house training and support so legal, procurement and sales teams can spot and respond to issues before and after Brexit.

Negotiating - We support in-house legal teams and negotiate on their behalf with a counterparty when contracts need to be created, ended or amended.

Reporting - We use scanning technology to conduct an initial review of the contracts and also help you track changes and monitor progress.

© 2020 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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