A specialist solicitor is warning that contracts are key for businesses concerned about the impact Brexit could have on trade.
Jon Esner, Commercial and Intellectual Property partner at regional law firm Napthens, warns that there are still a number of possible outcomes for Brexit, including the UK leaving the EU with no agreement.
In the event of a ‘no deal’ exit hundreds of treaties are likely to end overnight.
Jon said companies likely to be most affected by an imminent ‘no deal’ are those trading with the EU or any of the countries subject to European Union trade agreements.
Jon said: “In the event of a no deal Brexit, trade in goods for these countries will be subject to non-preferential WTO rules and tariffs.
“This is likely to lead to additional costs for both importers and exporters and impose an additional administrative burden.”
He added: “Business owners need to act now and take advice as required to make sure that they are ready for potentially the biggest change to the UK’s commercial life in decades.”