The contract whereby the respondent purchases its water from the appellant provides that, at the expiration of every 15 years, the parties could renegotiate the price for future consumption based upon the increased "cost of producing and distributing water" and, further, that "In the event the parties are not able to agree, the question of fair basis shall be determined by arbitration". In 1971 the parties could not agree, arbitration was held, and in 1973 the arbitrators...
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