In a recent blog post, Pinsent Masons corporate lawyer Jonathan Beastall has urged all UK businesses and their lawyers to start building hardship clauses into their contracts that will allow parties to renegotiate terms in the event that the UK decides to leave the EU. While predictions abound about what the post-Brexit business environment might look like in the UK, leaving wriggle room in contracts is essential to guard against the considerable uncertainty that surrounds a Vote Leave victory.

Similarly, companies need to get a jump on reviewing and remedying any unforeseen Brexit-related risks in their existing contract portfolio, with a careful eye in particular on any potential changes to the value of contracts or the capacity for parties to meet terms in a post-Brexit environment.

'For example, would leaving the UK constitute a force majeure event, or a material adverse change? Would currency issues affect the contract, or changes to the free movement of goods? Preparation and awareness of any issues will help to avoid problems if the UK votes to leave,' Mr Beastall writes.