With Brexit fast approaching it’s important to look at the risks Brexit poses to your supply chain and how to identify these risks. Although it is still uncertain what Brexit will look like and the impact it will have on your business and your supply chain, we have set out below how to assess the various risks and protect against them.
Risks your supply chain will face
Identify where your main risks lie
Within your supply chain identify the following:
How to prepare your supply chain
Credit risk reviews – consider if you need to re-run credit checks on your suppliers and customers.
New contracts – Although difficult at this stage as the details of Brexit are still unknown, consider what risks pose the biggest threat to your business and try drafting clauses to deal with these issues.
Review contract terms – are your current standard terms and conditions sufficient to support your supply chain relationships through Brexit? Do your contracts require more robust terms? Clauses covering delivery, price, performance, delay outside of a party’s control and liability will need to be reviewed.
We can assist you in reviewing your contract terms and provide advice on how terms can be adapted to help lower the risk of Brexit effecting your supply chain.