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LATEST NEWS & EVENTS EU contract law proposals criticised for 'lack of impact assessment'  European Union proposals to create new rules for business contract law across member states have not yet been thoroughly scrutinised, leading legal experts have suggested. There is growing concern that any rules based on the current plans will make commercial agreements more difficult to enforce and understand. Speaking to the Financial Times, City of London Law Society representative Mark Hanson noted: "No proper survey has been made, no impact assessment has been undertaken. "Nobody seems to have assessed the costs of having a second system of law in every country." Last week, the European Parliament's Legal Affairs Committee approved recommendations put forward by the European Commission, intended to create a more coherent approach to contract law for companies and those firms offering corporate legal services. Provisional proposals have not yet considered whether changes will affect cross-border contracts alone, or if they will also apply to some domestic contracts. EU legislators recognise that the current system of sometimes conflicting domestic contract law creates uncertainty and can add to transactional costs for businesses. Following the committee's approval, EU justice minister Viviane Reding welcomed the decision, claiming that the plans favour "work towards an optional European Contract Law to facilitate cross-border transactions, notably for small- and medium-sized enterprises and consumers". Posted by Alex McLean 
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