TOP TIPS TO ENSURE YOUR BUSINESS DOCUMENTS WILL BE LEGAL POST BREXIT
Like it or not BREXIT is coming after months of ‘will they won’t they’ on pushing the button on Article 50, PM May says March will see the process start. As a business owner, you have a lot of ground to cover to ensure that your business operates smoothly throughout the BREXIT transition. For all of us proactive business owners that means forward planning and examining the issues likely to affect your business.
Advance planning and great communication are key to managing any change so here are three things we think will help your business cope with BREXIT: –
(1) Look at your contracts and terms and conditions now
Although they are vital to your business at any time (get it wrong and you won’t get paid on time/at all) businesses often overlook the fact that these essentials need a regular overhaul. Think of it as an MOT and start now.
Rather than being in the position of having to do things at a time which doesn’t suit you, get a legal review of your contracts and terms and conditions now so that at least you know
- what needs to be done and
- when it needs to be done and
- what the costs are likely to be
(2) Avoid litigation and losing business and contracts
Whilst BREXIT is unlikely to be grounds for bringing agreements and contracts to an end, it will depend on
– your contract and terms and conditions and
– the parties involved.
It may, for example, be open to someone who would like to wriggle out of a contract to rely on clauses within your contract or terms, such as “force majeure” (adverse/material changes) or even the legal principles of frustration (i.e. saying that it no longer be possible to perform the contract post-BREXIT).
It therefore makes sense to tackle these issues now. Get a review which will outline
- any issues that might occur and leave your business vulnerable (and not getting paid) and
- the steps which you can take and changes you can make now to ensure your contracts and terms will be valid after BREXIT.
If you don’t, you may find yourself on BREXIT “leaving day” having to rely on litigation to retain your clients/ contracts – why do that to you and your business when a quick review now will put your mind at rest?
(3) Trademarks, Design Rights and Intellectual Property
Your business relies on its Intellectual Property, such as your business name and logo but sadly, this is another “uncared” for area for most businesses. Yet, what a disaster it would be if you woke up and find a “copycat” business was taking orders from your customers.
If you haven’t registered your trademark or obtained design rights, now is the time to do so. Not only will you protect your business you will have a valuable and saleable business asset.
Alternatively, if you have existing registered trademarks or obtained design rights it is now time to
- check that they still meet your needs
- plan what you need to do to remain protected and maximise your asset’s value
We don’t have a crystal ball at Law Hound so we can’t tell you the future. However, we do have a lot of legal knowledge and experience which we would love to share with you.