(1)  If –

(a) a special licensee suffers damage, is required to pay compensation or otherwise incurs a liability by reason of –

(i) a variation under section 116(3)(b) ; or

(ii) a cancellation or suspension under section 117 where the licensee is not in material default of a condition of the licence; or

(b) the water allocation of a special licence is reduced without the consent of the special licensee –

the special licensee is entitled to compensation to be paid by the Minister and, in default of agreement, the amount of compensation is to be determined in accordance with the Commercial Arbitration Act 2011 .

(2)  For the purposes of subsection (1)  –

(a) compensation is to be paid from the Public Account without further or other appropriation than this section; and

(b) in default of agreement by the Minister and the special licensee, the arbitral tribunal is to be nominated by the president for the time being of the Australian Centre for International Commercial Arbitration.