The responsible person may elect to make a payment equal to the amount of the depreciation in the value of the damaged property caused by the damage (known as the 'depreciation amount')1 instead of executing any remedial works2 or making any payment in lieu3 where4:
(1) the aggregate amount of the costs specified in the schedule of remedial works5 exceeds the depreciation amount by at least 20 per cent6;
(2) the property is not a dwelling-house7 and the responsible person and the person or persons to whom any payment would fall to be made agree that such a payment
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