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LATEST NEWS & EVENTS FSB backs single EU contract law  Plans to introduce a single, optional contract law across the European Union (EU) could make it easier for firms using corporate legal services to enter new markets. The European Parliament voted on June 7th for an optional contract law instrument that could be applied across the EU. Backing the proposal, which will be considered by the European Commission in the autumn, the Federation of Small Businesses (FSB) claimed it would cut costs for companies. Research from the organisation shows that over half (51 per cent) of small firms would expand their business activities if they could apply a single European contract law for cross-border transactions. FSB national chairman John Walker said: "An optional EU-wide system of contracts is clearly the only way to solve the legal barriers small businesses face when selling within the EU." Viviane Reding, European justice commissioner, is also behind the idea. She explained that a single contract law instrument would mean a business would have to pay just once for corporate legal services to expand across Europe. The Law Society has said, however, that another layer of contract law would be confusing for businesses and consumers. Posted by Georgina Price 
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