The EU fails to put forward a convincing, confidence inspiring rescue arguably because its member states are deeply at odds over what the crisis is really about and unable to agree what each country must contribute towards solving it.

While it may still be possible to rescue the Euro, swift and decisive action must be taken to do so. Without it, we all continue to be effected by unpredictable moves toward contagion and reluctant interventions into the financial markets.

The risk of the Euro splintering has mounted. There is an increasing likelihood of the establishment of a new club of "core" European counties who can operate within the financial and other rules jettisoning those who cannot.

The practical implications of such a radical and fundamental shift would be felt by most, if not all businesses in the UK due to the globalised nature of the economies and markets within which we all now operate. The effects would be most keenly and immediately felt by those UK companies which have entered into commercial agreements with EU based trade partners.

Such agreements will, in the main, be regulated by formally recorded terms agreed between the relevant parties and are likely to incorporate provisions in respect of how payments due under the agreement are to be made and which currency they should be made in.

With the uncertainty over the future (or lack thereof) of the Euro, every business which has entered into any agreement with a Eurozone based partner should review the terms of that agreement in order to confirm, among other things, the currency the parties have agreed to use for payments due there under.

If a UK company is obligated to make and receive payments in Euros, it should review the terms of its agreement to confirm what will happen if the domestic jurisdiction of its Eurozone trading partner subsequently ceases to fall within the Euro or more radically, if the Euro ceases to exist.

While most agreements can be varied by way of written agreement of the parties subject to its terms, the commercial impact of the currency to be used should be considered as a priority to ensure that margin is not eroded due to the fluctuating nature of currency swap rates.

With 2011 about to end and further uncertainty forecast for 2012, now is the time to consolidate your commercial trading position and insulate your business from what may be future Euro risk.

Grant Esterhuizen, Partner in Lester Aldrige's Corporate team