Canadian Company Announced Resolution of Its Ongoing Lease Arbitration
Pacific Safety Products Inc. recently announced it has resolved the ongoing lease arbitration process with the company’s landlord, Arnprior Bay Property Ltd. Pacific will recover $825,000, inclusive of the interim award they had already received and with significant legal fees paid during the entirety of the process. The company will also begin a new five year lease with the same landlord that includes similar terms to the existing lease that was due to expire in 2021.
A public statement issued by Pacific CEO Terry Vaudry, expressed happiness the issue had been resolved. Vaudry stated, “We are pleased that we were able to resolve our outstanding differences and we look forward to a productive relationship with our landlord for years to come.” The statement, which sums up the success of the process, is a testament to alternative dispute resolution.
Pacific is an established company and known for its role in the production, distribution, and sale of high-performance and high-quality safety products that are marketed to security and defense markets. Popular products include body armor, ballistic blankets, tactical clothing, and items intended to protect against chemical and biological warfare. The company is the largest of its kind in Canada and directly supplies the Canadian Department of National Defense, as well as major Canadian law enforcement organizations, and Federal Government Agencies. They also supply materials to US based law enforcement and private security firms through a third party.
There is expected to be no delay in production as a result of the arbitration process or the ruling.