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(1)Within the period of two months beginning with the day of the completion of any work executed by a building owner of which the expenses are to be wholly or partially defrayed by an adjoining owner in accordance with section 11 the building owner shall serve on the adjoining owner an account in writing showing—
(a)particulars and expenses of the work; and
(b)any deductions to which the adjoining owner or any other person is entitled in respect of old materials or otherwise;
and in preparing the account the work shall be estimated and valued at fair average rates and prices according to the nature of the work, the locality and the cost of labour and materials prevailing at the time when the work is executed.
(2)Within the period of one month beginning with the day of service of the said account the adjoining owner may serve on the building owner a notice stating any objection he may have thereto and thereupon a dispute shall be deemed to have arisen between the parties.
(3)If within that period of one month the adjoining owner does not serve notice under subsection (2) he shall be deemed to have no objection to the account.
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