The agreement, Law Times reports, will see Arbitration Place provide office facilities for the ICC’s International Court of Arbitration to conduct its operations in the city. In return, the ICC will advocate the use of Arbitration Place for arbitration hearings in Toronto, the article says.
“I am pleased for the Toronto arbitration community, and for the recognition of Arbitration Place as a major player in the commercial arbitration world, international and domestic,” says Cherniak, a commercial arbitrator and partner with Lerners LLP.
“This is a tangible recognition of the emerging profile of international commercial arbitration in Canada, and particularly of Toronto’s place as a key centre for commercial arbitration.”
The agreement, established just before the opening of an office of the ICC court’s secretariat in New York, is in line with its objective of making services more accessible to parties, their counsel, and arbitrators in the region, Law Times reports.
Cherniak says ICC’s arrival in North America is overdue, noting New York and Toronto were logical choices as locations for the partnership to begin.
“Arbitration is increasingly the choice for the resolution of significant commercial disputes in North and South America, domestic and international,” he says. “This a very welcome development.”