Law360 Canada ( May 1, 2025, 1:53 PM EDT) -- Appeal with leave by appellant from arbitration panel’s interpretation of a contractual provision on grounds that panel committed an extricable error of law. The subject matter of the contract was a tract of land referred to as Triangle. The contract contemplated that the appellant would have an option to purchase from the respondent, the excess density applicable to Triangle. The issue in arbitration was how the excess density, expressed in terms of Floor Space Ratio (“FSR”), was to be calculated. The appellant argued the agreement objectively contemplated the applicable FSR would be calculated by reference to the density that could, under the zoning, be built on the physical tract of land that constituted the Triangle. The arbitration panel disagreed. It concluded at the time the agreement was entered into, the parties would have objectively contemplated that FSR would be determined by reference, not to the physical tract of land constituting the Triangle, but by reference to the FSR of the site of which the Triangle formed a part. It reasoned that the term floor space ratio, which was not expressly defined in the agreement, would have been understood to have reflected the meaning of FSR within the zoning regulations of the City of Vancouver. That regulatory environment, forming part of the factual matrix relevant to the proper interpretation of the agreement, defined FSR by reference to a site....