Party 1: William Lowrie of 20 Digby Road, Finsbury Park, Middlesex - engineer and Charles James Hall of 1 Portland Road, Finsbury Park, Middlesex.
Party 2: Robert Hammond of 117 Bishopsgate Street, London - merchant in business as Hammond & Co.
One third share in the inventions and letters patent thereof by Party 1 present or future, with regard to electrical machinery for the U.K., British colonies and foreign countries. This includes the invention of Party 1, under provisional UK protection for electric 'convertors'. This assignment is subsequent to the deed of 1886(9 Jul) between Lowrie-Party 1 and Hammond-Party 2 whose terms included an agreed half share each in any new patents of Lowrie. This deed remains in force, but not with regard to electrical machinery which is subject to the terms herein. Terms include:
i. Party 2 to bear all patenting costs including experimental and improvement costs.
ii. Party 2 to act as agent for the introduction or sale and disposal of such patents. Actual sale to require consent of all above parties.
iii. Party 2 to bear the patenting costs of all foreign and British colonial letters patent. If he fails to comply, Party 1 to bear the costs and take all the benefits of such patents.
iv. Payments made by Party 2 under i and iii may be liquidated out of one half share of the profits of the patents.
v. If Party 2 obeys terms herein, is entitled to one third share of future patents of Party 1 and also one third share of Party 1's share in such patents. Party 1 may terminate this clause by giving one month's notice.
vi. Party 2 may decline payments by giving one month's notice and party 1 may then purchase back his third share by repaying him the money he has previously expended under the terms herein, though he will be entitled to retain any profits he may have received.