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Arbitration costs mostly borne by Resolute, but legal fees are due where they fell

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Resolute’s refusal of assistance from Canada is irrelevant

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No proof of customary law obligation to let troubled enterprises fail

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Deference is due to regulatory choices

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Minimum standard of treatment in Article 1105 NAFTA is yoked to customary international law

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No evidence of laws and regulations being amended to favour local investor

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Arbitrators distinguish between legal burden of proof and evidential burden

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“Like circumstances” inquiry should take into account governing regulatory framework

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Exact “treatment” at stake in alleged discrimination is unclear

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Article 1102 of NAFTA is aimed at preventing nationality-based discrimination

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Most measures fall within the procurement and subsidies carve-out

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Whether or not duty of non-contradiction exists, Canada never fully denied that subsidies had been made

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Definition of term in other international agreements is not necessarily relevant to interpretation of NAFTA

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Procurement and subsidies exceptions are not mutually exclusive

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No specific rules of interpretation for NAFTA exceptions

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Details of commercial transaction between private parties are not attributable to Canada

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Each individual measure must be attributable to the state, even if the measures are interconnected

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No ground to further open access to restricted exhibits when claimant’s counsel was able to rely on these documents

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Background: competition between paper mills is rocked by Nova Scotia’s efforts to save local plant

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Expropriation allegedly occurred only in 2014, placing this claim inside time limit

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Discrimination and minimum standard claims analysed differently

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Measures must display ‘relationship of apparent proximity’ to claimant in order to fulfil NAFTA ‘relating to’ test

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National treatment obligation applies even to foreign investors outside the relevant province

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Provincial measures taken to support struggling paper mill, with incentives granted to new buyer

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