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7.6 <br />B. The arbitrator shall be without power to make decisions <br />contrary to, or inconsistent with, or modifying or <br />varying in any way the application of laws, rules, or <br />regulations having the force and effect of law. The <br />arbitrator's decision shall be submitted in writing <br />within thirty (30) days following close of the hearing <br />or the submission of briefs by the parties, whichever <br />be later, unless the parties agree to an extension. <br />The decision shall be binding on both the EMPLOYER and <br />LELS and shall be based solely on the arbitrator's <br />interpretation or application of the express terms of <br />this AGREEMENT and to the facts of the grievance <br />presented. <br />C. The fees and expenses for the arbitrator's <br />services and proceedings shall be borne equally by <br />the EMPLOYER and LELS provided that each party <br />shall be responsible for compens.-1ing its own <br />representatives and witnesses. If either party <br />desires a verbatim record of the proceedings, it <br />may cause such a record to be made, providing it <br />• pays for the record. If both parties desire a <br />verbatim record of the proceedings the cost shall <br />be shared equally. <br />WAIVER <br />If a grievance is not presented within the time limits <br />set forth above, it shall be considered "waived." If <br />a grievance is not appealed to the next step within <br />the specified time limit or any agreed extension <br />thereof, it shall be considered settled on the basis