Principles and method of determining the amount for the acquired property

(1) For the vesting of the acquired property under section 4, every person interested shall be entitled to receive such amount as may be determined in the manner hereinafter set out as specified in the Second Schedule, that is to say,- (a) where the amount can be fixed by agreement it shall be determined in accordance with such agreement; (b) where no such agreement can be reached, the Government shall appoint as arbitrator a person who is, or has been, or is qualified for appointment as, a District Judge ; (c) the Government may, in any particular case, nominate a person having expert knowledge as to the nature of the acquired property to assist the arbitrator and where such nomination is made, the person interested may also nominate an assessor for the same purpose ; (d) at the commencement of the proceedings before the arbitrator, the Government and the person interested shall state what in their respective opinion is the amount payable ; (e) the arbitrator shall, after hearing the dispute, make an award determining the amount which appears to him just and reasonable and also specifying the person or persons to whom the amount shall be paid ; and in making the award he shall have regard to the circumstances of each case and the provisions of the Second Schedule so far as it is applicable ; (f) where there is any dispute as to the person or persons who are entitled to the amount, the arbitrator shall decide such dispute and if the arbitrator finds that more persons than one are entitled to the amount, he shall apportion the amount amongst such persons ; (g) nothing in the Arbitration Act, 1940 (Central Act X of 1940), shall apply to arbitrations under this section. (2) Every award made by the arbitrator under clause (e) of sub-section (1) shall also state the amount of costs incurred in the proceedings before him and by what persons and in what proportions such amount is to be paid.