For the purposes of this Regulation, the habitual residence of companies and other bodies, corporate or unincorporated, shall be the place of central administration.

The habitual residence of a natural person acting in the course of his business activity shall be his principal place of business.

Where the contract is concluded in the course of the operations of a branch, agency or any other establishment, or if, under the contract, performance is the responsibility of such a branch, agency or establishment, the place where the branch, agency or any other establishment is located shall be treated as the place of habitual residence.

For the purposes of determining the habitual residence, the relevant point in time shall be the time of the conclusion of the contract.

Where a State comprises several territorial units, each of which has its own rules of law in respect of contractual obligations, each territorial unit shall be considered as a country for the purposes of identifying the law applicable under this Regulation.

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This Regulation replaces the provision made by section 2 of, and Schedule 1 to, the Contracts (Applicable Law) Act 1990.

In so far as this Regulation replaces the F5provision made by section 2 of, and Schedule 1 to, the Contracts (Applicable Law) Act 1990, any reference to F5the Rome Convention shall be understood as a reference to this Regulation.

This Regulation shall not prejudice the application of international conventions to which F6the United Kingdom was a party at the time when this Regulation F7was adopted and which lay down conflict-of-law rules relating to contractual obligations.

However, this Regulation shall, as between F8relevant states, take precedence over conventions concluded exclusively between two or more of them in so far as such conventions concern matters governed by this Regulation.

Subject to paragraph 2, this Regulation shall apply to contracts concluded on or after IP completion day.