(1) On the basis of the applicant’s filing or, if there is a hearing, on the record made at the hearing held pursuant to ORS § 758.420, the Public Utility Commission shall enter an order either approving or disapproving the contract as filed, together with any appropriate findings of the facts supporting such order.

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(2) An order of the commission under this section is subject to judicial review in the manner provided by ORS § 756.610.

(3) If the commission approves a contract and a petition for judicial review is not filed, the contract shall be deemed to be valid and enforceable for all purposes from the date on which the right to file a petition for judicial review expires. [Formerly 757.630; 1985 c.633 § 4; 2005 c.638 § 13; 2017 c.312 § 8]