Replace or Repair: What's the Difference?

When it comes to deciding whether to repair or replace an asset, the key factor is to compare the current value of the asset with the cost of the repair. If the cost of repairs is lower than the value, then you should repair it. However, if the cost of repairing an asset exceeds its value, then you should replace it. Any defect or damage of a more than minor nature, due to formwork, peeling or handling, will be a cause for rejection, as defined in Repairs and Replacement, unless approved for repair through the NCR process.

In conclusion, when you're trying to decide whether to repair or replace an asset, you must compare the current value of the asset with the cost of the repair. On the other hand, if the cost of repairing an asset exceeds its value, then you should replace it.