8.—(1) Where the Secretary of State considers that the data to calculate the average price are inadequate, the Secretary of State may pay compensation—
(a)for animals in that category, at the most recent previously calculated average price for which there was sufficient data to calculate the average price;
(b)for the individual animal, at the market value.
(2) For buffalo or bison, compensation is the market value.
(3) For the purposes of this paragraph, the market value is the price that would reasonably be expected to have been obtained for the animal at the date of the regulation 16(2)(e) notice from a buyer on the open market, and on the assumption that the animal was not affected by a TSE.
(4) Where the owner and the Secretary of State cannot agree on a market value the valuation must be carried out in accordance with the procedure laid down in regulation 12(3) to (7) with the owner paying any valuation fee arising.