Standard commercial contracts may leave suppliers exposed by Brexit
Regional corporate and commercial expert, Russell Eke, highlights the importance for suppliers to review their contracts with retailers to protect themselves against Brexit.
Wilkin Chapman partner, Russell Eke, is attending the UK Produce Industry Fair in Peterborough today (13 September) to advise suppliers that their current standard contracts with retailers may leave one party high and dry, dependant on the looming outcome of the Brexit negotiations.
Russell says: “The Groceries Supply Code does not specifically deal with Brexit, making the terms of contracts with retailers increasingly important.”
Unless Brexit is specifically catered for, it is unlikely that existing standard contract clauses will permit parties to terminate simply due to the consequences of Brexit making their contract unprofitable for one party.
Russell adds: “It is vital that suppliers conduct a thorough review of their existing contracts, with professional legal support, to allow themselves freedom to terminate contracts if Brexit leaves them unprofitable, and to future-proof their new and renegotiated contracts moving forward.”
If you need support in reviewing and future-proofing your retailer contracts in the light of Brexit, you can contact Russell Eke on 01522 515974.