If a user of water substantially benefited by a project shall decline to enter into a contract as provided in N.H. Rev. Stat. § 481:8 or if the department and such user cannot agree upon the compensation to be paid by him, either party may, before or after the completion of such project, apply by petition in equity to the superior court for the county in which the benefited property is situated to determine such compensation. If the proceeding is brought by the department and such user files a disclaimer of any right to use stored water as defined in N.H. Rev. Stat. § 481:12, the petition shall be dismissed; otherwise, the court, after hearing, shall determine the compensation for benefits justly payable by such user and enter a decree entitling him to make use of stored water subject to payment thereof and fixing the time and manner of such payment. The compensation fixed by the decree shall not exceed the benefit resulting or to result to the user, shall be proportioned to the compensation payable by other users under existing contracts relative to the same project, and may be made payable in amortized or other installments in the same manner as the compensation provided for in such contracts, and the court, on proper application and notice, may subsequently modify or revise the decree as justice may require. Any decree entered pursuant to this section and any subsequent modification or revision thereof shall inure to the benefit of and bind the user and his successors in title.