Where by Part I, except section 23, provision is made for the payment of compensation—
(a)if the compensation claimed does not exceed £50, all questions as to the fact of damage or loss, and liability for and the amount of compensation, may on the application of either party be determined by, and any compensation awarded may be recovered before, a magistrates' court;
(b)in any other case, a dispute arising as to the fact of damage or loss, or as to the amount of compensation, shall be determined by arbitration under this Act.