COLLAPSE OF TEXAS TOWER NO. 4 115 



property of De Long. The storage, repair, maintenance and shipment of the 

 Jacks, together with installation cost on the Towers shall be for the account 

 of the Joint Venture. Upon completion of Texas Towers #1, #3 and #4 said 

 Pin Jacks shall be returned to Orange, Texas by the Joint Venture. 



Ill 



It is contemplated that Raymond-De Long shall manufacture or cause to be 

 manufactured for use on Texas Towers #1, #3 and #4 a dual purpose supply 

 bai'ge or a single purpose supply barge employing the specialized principle of 

 the De Long Air Jacks. Said barge shall be manufactured by Raymond-De Long 

 and considered as Joint Venture property. It is estimated that the total cost of 

 the dual purpose supply barge shall not exceed three hundred thirty-three thou- 

 sand and 00/100 dollars ($333,000.00) and the total cost of the single purpose 

 supply barge shall not exceed one hundred eighty-two thousand and 00/100 

 dollars ($182,000.00). x4. minimum write-off of seventy-five per cent (75%) of the 

 total cost of the dual purpose supply barge or fifty per cent (50%) of the single 

 piirpose supply barge shall be written off by the Joint Venture against Texas 

 Towers #1, #3 and #4. Upon completion of said contract and if it appears 

 that there is no further use for the barge by the parties acting together, De Long 

 agrees to purchase the barge at its depx*eciated book value provided that it can- 

 not be sold to any bidder at a higher price. 



For the use of all jacks provided herein, De Long shall charge Raymond-De 

 Long a royalty charge of one percent (1%) based on the total contract price 

 including extras of Texas Towers #1, 3, and 4 or such other Texas Towers 

 contract as may be subsequently entered into by the Joint Venture with the 

 United States Government, provided that said royalty charge shall not exceed 

 the fixed sum of one hundred thousand dollars ($100,000.00) per Tower ou 

 Texas Towers #1, 3, and 4. It is understood and agreed that the one per- 

 cent (1%) royalty charge above mentioned and the jack rental provided for 

 under Article I shall not be due and payable by the Joint Venture to De Long 

 on Texas Towers #1, 3, and 4 until the net profits of the Joint Venture, ex- 

 cluding royalty or jack rental charges under Article I, exceed twelve and one- 

 half percent (121/2%). Said payments shall be due and payable only from 

 the net profits of the Joint Venture as defined herein in excess of twelve and 

 one-half percent (12i/^%). The term "net profits" shall be defined to include the 

 total contract price including extras less all costs similar to Item I to VIII and 

 other field cost specified on Exhibit E, page I of the Raymond-De Long proposal 

 submitted to the Bureau of Yards and Docks on Texas Towers #2, Contract NOy- 

 8S201. In computing "net profits" for the purpose of this Article only, no de- 

 duction shall be made for General and Administrative Expense (main of- 

 fice overhead of both Raymond and De Long or the royalty or jack rental costs 

 due De Long under Article I. On Texas Towers #1, 3, and 4 the royalty and 

 jack rental charge shall be paid from all net profits over and above twelve and 

 one-half percent (12^2%) until the total royalty and jack rental charge pro- 

 vided for herein has been paid. 



In Witness V/hereof, the parties hereto have set their hands and seals 

 this 28th day of October, 1955. 



Raymond Concrete Pile Company, 

 By G. F. Ferris. 



Attest : 



H. O. Pedera, 



Secretary. 

 De Long Corporation, 

 L. B. De Long. 



Attest : 



Edward A. Fay, 



Secretary. 



This Joint Venture Agreement entered into this 28th day of October 1955, by 

 and between Raymond Concrete Pile Company, a New Jersey corporation (here- 

 inafter referred to as "Raymond") and DeLong Corporation, a Delaware cor- 

 poration (hereinafter referred to as "DeLong"), 



WITNESSETH : 



Whereas the parties in a Joint Venture were awarded Contract NOy-8S201, for 

 the construction of an air raid warning platform designated as the "Texas 

 Towers" platform located on George's Bank, and have substantially completed 

 said contract, and 



