New laws may spur more arbitration in Ontario
Paul-Erik Veel was quoted in the Law Times article New laws may spur more arbitration in Ontario on April 24, 2017 regarding the new International Commercial Arbitration Act.
“In a whole host of ways, the new International Commercial Arbitration Act clarifies the law, increases certainty and increases the willingness of Ontario courts to enforce international arbitral awards,” says Paul-Erik Veel, a partner with Lenczner Slaght Royce Smith Griffin LLP.
“Toronto is moving in that direction, but making Toronto a leading location for international arbitrations won’t happen overnight,” says Veel.
Veel says the uncertainty that existed with the previous legal framework likely dissuaded parties from choosing Ontario to arbitrate. “As a result, even relatively small amounts of legal uncertainty could be a reason for parties to choose a jurisdiction other than Ontario in which to arbitrate,” he says.