New-build rolling stock in the Brexit era

Kulraj Badhesha and Jacqueline Cook, of Stephenson Harwood, look at how uncertainty over Brexit has brought negotiation of "change of law risk" into focus in the rail leasing market. With leasing and rail manufacturing both large parts of our practice it is interesting to see how the players in new build rolling stock transactions are having to consider the risks and consequently in which documents the protections appear. In this article they look at manufacture and supply agreements for rolling stock and the leases.