The Brexit Effect: Legal Contracts
On June 23rd2016 the UK voted to leave the European Union.
But as the dust settles and we all come to terms with this, how will Brexit affect our current legal agreements and contracts?
The UK has been in the EU for over 40 years and, as such, EU legislation has been woven into the very fabric of our legal agreements and contracts for a very long period of time.
The last time there was a major change that affected the legal sector was when the Euro became a common currency in 1999. In addition to all the currency changes, standardised wording / boiler plate clauses, paragraphs and sections were incorporated into contracts to clarify the situation after the national currencies of the participating countries ceased to exist.
These changes could have been formulated once and introduced universally through document assembly.
Looking forward, there are areas which quite obviously will be affected by the vote to leave Europe and by Brexit itself such as trade agreements, currency fluctuations, territorial scope of agreements and changes in law.
The bottom line is we won’t know until the separation terms are agreed and implemented, but what we do know is that there will be changes to legal documentation.
HotDocs can help. Transforming your legal agreements and contracts into intelligent, Microsoft Word based templates will reduce the pain of Brexit-induced changes. Making a single change that can be cascaded throughout all the relevant contracts, adding new conditions, new or updated clauses and publishing the refreshed Brexit-ready templates for consumption at a time of your choosing will ensure that you are prepared and ready to go when legislation changes.