<PAGE>   1
Exhibit No. 10 (bb)



                                                                  EXECUTION COPY






                                     WAIVER
                         Dated as of September 30, 1997


                  THIS WAIVER ("Waiver") is entered into as of
September 30, 1997 by and among THE LAMSON & SESSIONS CO., an Ohio corporation
(the "Borrower"), GENERAL ELECTRIC CAPITAL CORPORATION, a New York corporation
("GE Capital"), as the sole "Lender" (as defined in the Loan Agreement referred
to below) and GE Capital as agent for the Lenders (in such capacity, the
"Agent").

                              PRELIMINARY STATEMENT

                  A.  The Borrower, the Lender and the Agent are parties to that
certain Loan Agreement dated as of February 13, 1992, as amended and restated as
of July 14, 1995 (as the same has been and may be further amended, restated,
supplemented or otherwise modified from time to time, the "Loan Agreement").
Capitalized terms used herein and not otherwise defined shall have the meanings
ascribed to them in the Loan Agreement.

                  B.  The Borrower has requested that GE Capital, as the Agent
and the sole Lender, waive the Borrower's compliance with the EBITDA to interest
expense ratio covenant set forth in Section 7.3(d) of the Loan Agreement and the
minimum EBITDA covenant set forth in Section 7.3(f) of the Loan Agreement for
the fiscal quarter ending nearest September 30, 1997, and GE Capital, as such
Agent and sole Lender, has agreed to waive such compliance subject to the terms
and conditions hereinafter set forth.

                  NOW, THEREFORE, in consideration of the premises set forth
above, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Borrower, the Lender and the Agent hereby
agree as follows:

                  SECTION 1. WAIVER. The Borrower has failed to comply with
SECTION 7.3(d) of the Loan Agreement by reason of the Borrower's failure to meet
the Consolidated EBITDA to Consolidated Interest Expense Ratio covenant set
forth therein and with SECTION 7.3(f) of the Loan Agreement by reason of the




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Exhibit No. 10 (bb)



Borrower's failure to meet the minimum Consolidated EBITDA covenant set forth
therein for the fiscal quarter ending nearest September 30, 1997. Effective as
of the date first above written, subject to the satisfaction of the conditions
precedent set forth in SECTION 2 below, GE Capital, as the Agent and the sole
Lender, hereby waives the Borrower's compliance with such covenants for such
period.

                  SECTION 2.  CONDITIONS PRECEDENT. This Waiver shall become
effective and be deemed effective as of the date first above written upon the
Agent's having received the following:

                  (a)  four (4) copies of this Waiver duly executed by the
Borrower, the Lender and the Agent;

                  (b)  Reaffirmation of Guaranty and Security Agreement in
         substantially the form of EXHIBIT A attached hereto, duly executed by
         Carlon Chimes Co.; and

                  (c)  Reaffirmation of Guaranty and Security Agreement in
         substantially the form of EXHIBIT B attached hereto, duly executed by
         Dimango Products Corporation.

                  SECTION 3.  COVENANTS, REPRESENTATIONS AND WARRANTIES OF THE
BORROWER.

                  3.1  Except to the extent that any representation or warranty
expressly is made only with respect to an earlier date, upon the effectiveness
of this Waiver, the Borrower hereby reaffirms all covenants, representations and
warranties made by it in the Loan Agreement to the extent the same are not
modified hereby and agrees that all such covenants, representations and
warranties shall be deemed to have been re-made as of the effective date of this
Waiver.

                  3.2  The Borrower hereby represents and warrants that this
Waiver constitutes the legal, valid and binding obligation of the Borrower
enforceable against the Borrower in accordance with its terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors' rights
generally and general principles of equity which may limit the availability of
equitable remedies.

                  SECTION 4.  EFFECT ON THE LOAN AGREEMENT.

                  4.1 Except as specifically amended hereby, the Loan Agreement
and other documents, instruments and agreements 


                                    -- 2 --
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Exhibit No. 10 (bb)



                                                                        
executed and/or delivered in connection therewith shall remain in full force
and effect and are hereby ratified and confirmed.


                  4.2 The execution, delivery and effectiveness of this Waiver
shall not operate as a waiver of any right, power or remedy of any Lender or the
Agent under the Loan Agreement or any of the other Loan Documents, nor
constitute a waiver of any provision contained therein, except as specifically
set forth herein.


                  SECTION 5.  GOVERNING LAW. THIS WAIVER SHALL BE GOVERNED BY 
AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO THE 
CONFLICTS OF LAW PROVISIONS) AND DECISIONS OF THE STATE OF ILLINOIS.

                  SECTION 6.  EXECUTION IN COUNTERPARTS. This Waiver may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed to be an original and all of which taken together shall constitute but
one and the same instrument.

                  SECTION 7.  HEADINGS. Section headings in this Waiver are
included herein for convenience or reference only and shall not constitute a
part of this Waiver for any other purpose.

                  IN WITNESS WHEREOF, the parties hereto have caused this Waiver
to be executed by their respective officers thereto duly authorized as of the
date first written above.

                            THE LAMSON & SESSIONS CO.


                             By:/s/ James J. Abel
                               -------------------------------------------
                               Executive Vice President and
                               Chief Financial Officer



                             GENERAL ELECTRIC CAPITAL CORPORATION, as 
                             the Agent and as the sole Lender


                             By:/s/ Trevor J. Clark
                               -------------------------------------------
                               Duly Authorized Signatory




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Exhibit No. 10 (bb)


                                    EXHIBIT A
                                       to
                                     Waiver

                      Form of Reaffirmation of Guaranty and
                     Security Agreement of Carlon Chimes Co.
                     ---------------------------------------


                                   (Attached.)


<PAGE>   5
Exhibit No. 10 (bb)





                REAFFIRMATION OF GUARANTY AND SECURITY AGREEMENT

                  The undersigned hereby (i) acknowledges receipt of that
certain Waiver of even date herewith (the "Waiver") to the Loan Agreement dated
as of February 13, 1992, as amended and restated as of July 14, 1995 (as such
Loan Agreement has been may be amended, restated, supplemented or otherwise
modified from time to time, the "Loan Agreement") among THE LAMSON & SESSIONS
CO. (the "Borrower"), GENERAL ELECTRIC CAPITAL CORPORATION ("GE Capital"), as a
"Lender" (as defined in the Loan Agreement) and GE Capital, as agent for the
Lenders (in such capacity, the "Agent"), (ii) reaffirms all of its obligations
under that certain Guaranty and Security Agreement dated as of February 13, 1992
("Guaranty and Security Agreement"), made by the undersigned in favor of the
Lenders, and (iii) acknowledges and agrees that such Guaranty and Security
Agreement remains in full force and effect notwithstanding the Waiver, and that
such Guaranty and Security Agreement is hereby ratified and confirmed.


Date:  September 30, 1997
                                     CARLON CHIMES CO.


                                     By:    /s/ James J. Abel
                                            --------------------------------
                                     Title: Executive Vice President
                                            and Chief Financial Officer



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Exhibit No. 10(bb)





                                    EXHIBIT B
                                       to
                                     Waiver

                      Form of Reaffirmation of Guaranty and
               Security Agreement of Dimango Products Corporation
               --------------------------------------------------


                                   (Attached.)


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Exhibit No. 10 (bb)







                REAFFIRMATION OF GUARANTY AND SECURITY AGREEMENT

                  The undersigned hereby (i) acknowledges receipt of that
certain Waiver of even date herewith (the "Waiver") to the Loan Agreement dated
as of February 13, 1992, as amended and restated as of July 14, 1995 (as such
Loan Agreement has been and may be amended, restated, supplemented or otherwise
modified from time to time, the "Loan Agreement") among THE LAMSON & SESSIONS
CO. (the "Borrower"), GENERAL ELECTRIC CAPITAL CORPORATION ("GE Capital"), as a
"Lender" (as defined in the Loan Agreement) and GE Capital, as agent for the
Lenders (in such capacity, the "Agent"), (ii) reaffirms all of its obligations
under that certain Guaranty and Security Agreement dated as of October 25, 1996
("Guaranty and Security Agreement"), made by the undersigned in favor of the
Lenders, and (iii) acknowledges and agrees that such Guaranty and Security
Agreement remains in full force and effect notwithstanding the Waiver, and that
such Guaranty and Security Agreement is hereby ratified and confirmed.


Date:  September 30, 1997
                                    DIMANGO PRODUCTS CORPORATION


                                    By:     /s/ James J. Abel
                                            -----------------------------
                                    Title:  Executive Vice President
                                            and Chief Financial officer