Catalogue description DEED OF GUARANTEE

[Draft]

Party 1: Nathaniel Clayton, Joseph Shuttleworth and Charles Seely, all of Lincoln - ironfounders and co-partners in business as Clayton, Shuttleworth & Co.

Party 2: Robert Fowler and Robert William Eddison of the Steam Plough Works, Leeds, Yorkshire - executors of the will of John Fowler, late of Leeds, Yorkshire - agricultural engineer.

Confirming the clauses for minimum payment of royalty as contained in the memorandum of 1861(19 Dec) [TR FOW/CO5/71 ii] and in accord with the above deed of covenant [TR FOW/CO5/73]. This deed replaces the draft deed of guarantee referred to in the memorandum. The £5,000 has been paid by Party 1 and this guarantee is in respect of a minimum £7,500 royalties from Party 1 by the end of the licence, including the £5,000. Any monies owing by Party 2 may beset off against the amount arising by Party 1. If both the other two firms in the deed of covenant [i.e. Ransomes & Sims and Charles Burrell] should exceed £7,500, their joint excess may be offset against amounts owing by Party 1 that constitute the difference between the actual monies payed as royalties and the £7,500. If only one of the other firms exceeds £7,500 then the amount offset to Party 1, is half the amount of that firm's excess.