You will prepare and submit a term paper on Section 5 of the Land Compensation Act 1961. Your paper should be a minimum of 1500 words in length. In such instances , the compensation is payable on the basis of reinstatement cost, which is equivalent to the cost of buying an analogs or alterative asset and erecting an analogs building thereon , after giving due recognition for depreciation. This process is also known as “rule 5” reparation or compensation. (Abbot 2004: 267).
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