This chapter casts light on the 1986 water Treaty between Lesotho and South Africa over the shared Orange River, which illustrates how process equity components can strongly impact the perception of the Treaty as being equitable. Highlighting the importance of perceived equity and the impact of process equity on the implementation of water-related agreements, this chapter provides a brief background on the nature of the water crisis between the two riparian states and presents a detailed analysis of the Treaty formation, implementation, and outcome. The logic model is used as a guiding tool for the assessment of the Treaty, which gives an overview of its provisions, process of negotiation, and outcome, and discusses its prospects and pitfalls in order to draw useful lessons and conclusions for water-related negotiations.