British Steel: Nationalisation
The question
To ask the Secretary of State for Business, Innovation, Science and Trade, whether all existing customer and supplier contracts remain in force following nationalisation.
Answered by Department for Business, Innovation, Science and Trade
The transfer and continuity provisions were intended to preserve contractual continuity following the transfer of British Steel Limited into public ownership. Rights and obligations under existing customer and supplier contracts transferred by operation of law to the new government-owned British Steel Limited. As a result, customer and supplier contracts continue in force following nationalisation, subject to their existing terms and any future amendments agreed by the parties.
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