116 COLLAPSE OF TEXAS TOWER NO. 4 



Whereas the Navy has requested proposals for three additional Texas Towers 

 to be erected, and 



Whereas it is the desire of both parties to enter into a new Joint Venture for 

 the bidding and. if awarded a contract, the furnishing and erection of said Texas 

 Towers, or any of them on which they may be successful bidders, 



Now Therefore, for and in consideration of the premises and the mutual obli- 

 gations of each to the other, it is agreed as follows : 



1. Raymond and DeLong hereby associate themselves into and as a Joint 

 "Venture for the purpose of preparing and submitting to the Bureau of Yards 

 and Docks of the United States Navy, a proposal to furnish, erect, and install 

 three (3) air control and warning towers, referred to as TT-1, TT-3 and TT— 4, 

 or any of them, and other work that may be included in such a program and if 

 awarded a contract for such work, to jointly perform said contract by furnish- 

 ing, erecting and installing said control towers, or any of them, in accordance 

 with the contract so awarded. The contract and the work thereunder is here- 

 after referred to as the "Project". 



2. The interests of Raymond and DeLong in and to the .Joint Venture and in 

 and to all property, materials and equipment acquired in connection therewith 

 shall be in proportion of fifty per cent (50%) to Raymond and fifty per cent 

 (50%) to DeLong. 



3. All net profits of whatsoever kind and character received from the per- 

 formance of the Joint Venture and any and all losses resulting therefrom shall 

 be participated in and shared equally by the parties hereto in the proportion 

 of fifty per cent (50% ) each. 



4. All obligations and liabilities of any kind or character which are assumed 

 or undertaken by the parties hereto or either of them in connection with or for 

 the benefit of the Joint Venture shall be shared in the proportion of fifty per cent 

 (.50%) each by the parties hereto, but no obligation or liability of any kind 

 shall be incurred for or charged to the Joint Venture by either party without 

 the express consent of the other party. 



Included as costs against the Joint Venture shall be the charges agreed 

 to in the memorandum agreement signed by the parties this 28th day of 

 October, 1955 with regard to patent royalties and rental for air jacks and pin 

 jacks and rentals for supply barges. 



5. All necessary working capital when and as required for the performance 

 and prosecution of the Joint Venture and the Project shall be furnished by the 

 parties hereto equally. 



6. All funds advanced by Raymond or DeLong and all funds received for 

 the performance of the contract and the Project shall be deposited in such 

 bank or banks as the parties hereto may agree upon from time to time and be 

 held for their joint account, subject to withdrawal by such person or persons as 

 the pai-ties hereto may from time to time designate. 



7. The parties hereto shall both make available for this work tlie technical 

 advice and benefits of their individual experiences and shall in all other re- 

 spects endeavor to share the responsibility and burden of the performance of 

 the work. To that end. each of the parties shall furnish to the Project such 

 of its personnel and equipment as may be required for the performance of the 

 Project, and as either of the parties may be able to spare without detriment 

 to its other business. Raymond shall make available the administrative and 

 accounting personnel. 



8. Neither Raymond nor DeLong shall make any charge against the Joint 

 Venture for the time which may be expended in connection with the performance 

 of the Project or for any services rendered on behalf of the Project (other than 

 for mutually approved actual out-of-pocket expenses and for plant rental as 

 hereinafter provided) nor shall either Raymond or DeLong be entitled to com- 

 pensation or reimbursement for any part of the salaries of their executives or 

 other oflUcers or employees, or for any part of their general overhead expenses 

 except where such executive ofiicer or employee is assigned to the Project by 

 mutual agreement. 



9. No charge shall be made for rental of equipment furnished to the Project 

 except upon terms to be mutually agreed upon. 



10. A complete set of books and accounts correctly and adequately reflecting 

 the business transactions of the Joint Venture shall be kept in accordance with 

 good accounting practices which shall be open to the inspection of either party 

 at any reasonable time. 



11. Upon the termination of this Project, the parties hereto shall liquidate 

 the assets of the Joint Venture and shall render a true and correct accounting, 



