In re Arbitration between City of Troy & Village of Menands

Appeal from an order of the Supreme Court at Special Term, entered May 7, 1974 in Rensselaer County, which denied appellant’s motion to modify an arbitration award and granted respondent’s cross motion to confirm the award. 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…