(1) If within 7 days of the determination of the tenancy the landlord and tenant agree upon the amount of compensation to be paid in respect of the small holding under section 19 then the landlord shall either pay the tenant the amount agreed upon or sign a written promise to pay the amount and such written promise despite anything contained in the Stamp Duty Act or any other law of the Island shall be admissible in evidence in any court and the amount agreed to be paid therein shall become due 2 months after the expiration of the tenancy.
(2) If within 7 days of the termination of the tenancy no compensation is paid nor written promise signed as provided in subsection (1) then—
(a) the landlord shall deliver up to the tenant a signed itemised statement of the compensation he or she deems payable to the tenant and the tenant shall deliver to the landlord a signed itemised statement of the compensation he or she deems payable by the landlord; and
(b) either party may make application in writing to the Director of Agricultural Services to determine the compensation payable by arbitration in the manner hereinafter provided and every such application shall be accompanied by a statement setting out in full the particulars of the applicant's claim.