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A municipality was served with a notice of arbitration disputing the valuation of expropriated land 5 years after the expropriation, because there was no time limit on the ability to file a notice. Parties may wish to consider any time limitations applicable both during and after the termination of the contract.
The City of Woodstock Ontario expropriated land in 2002, was served with a notice of arbitration challenging the valuation of the land expropriated in 2007, and paid a settlement in the matter in 2014. Because of the delays, the interest charges on the increased value exceeded the original valuation. The applicable legislation had no time limit on filing a notice of arbitration.
Read the article here.Take away:
- Arbitration agreements should specify clear time limits on the service of a notice of arbitration.