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V years of delivery of water hereunder and thereafter at three-year intervals. Not later than sixty (60) days prior to the next annual accounting period for which charges may be renegotiated, either party may make written application to the other to renegotiate the charges to be collected hereunder. Said application shall specify the items of expense proposed to be renegotiated and the changes proposed therein, together with a brief summary of reasons therefor. Hot later than seven (7) days after the receipt of such notice, the party upon whom said notice is served shall meet with the other party for the purpose of renego­tiating the matter# referred to in said t application. If the party upon whom said notice is served shall fall to meet with the other within said seven (7) days, or*if both parties meet but fall to reaoh agreement on renegotiation within fourteen <li+.) days of their first meeting, the party who shall have made said application may have the matter determined either by arbitration or court proceedings. Hothlng in this section shall be deemed to preclude the parties hereto from jointly consenting to renegotiate the charges herein provided at any time or times agreed upon by the parties hereto. >• “3 BILLING AND PAYMENT * a 26. (a) The Water District at monthly intervals n |f§! : ' 16.