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<br />AGREEMENT <br /> <br />.' <br /> <br />TIllS AGREEMENT is dated as of the 9th - day of Dpcpmher in the year 1996, by and <br />between the City of Paris (hereinafter called OWNER) and Gracon Construction, Inc. <br />(hereinafter called CONTRACTOR). <br /> <br />OWNER and CONTRACTOR, in consideration of the mutual covenants hereinafter set forth, agree <br />as follows: <br /> <br />Article 1. WORK <br /> <br />CONTRACTOR shall complete all Work as specified or indicated in the Contract Documents. The <br />Work is generally descn'bed as follows: <br /> <br />Wastewater Treatment Plant Improvements <br />Clarifier and Sludge Processing Facilities <br /> <br />The Project for which the Work under the Contract Documents may be the whole or only a part is <br />generally descn'bed as follows: <br /> <br />The whole contract as described in the Contract Documents and as seen on the Contract <br />Drawings <br /> <br />Article 2. ENGINEER <br /> <br />The Project has been designed by Hayter Engineering, Inc., Paris, Texas, who is hereinafter called <br />ENGlNEER and who is to act as OWNER'S representative,.assume all duties and responsibilities and <br />have the rights and authority assigned to ENGINEER in the Contract Documents in connection with <br />completion of the Work in accordance with the Contract Documents. <br /> <br />Article 3. CONTRACf TIME <br /> <br />3.1. The Work will be substantially completed and ready for final payment within 330 days from <br />the date when the Contract Time commences to run, as provided in the General Conditions. <br /> <br />3.2. Liquidated Damages. OWNER and CONTRACTOR recognize that time is of the essence <br />of this Agreement and that OWNER will suffer financial loss if the Work is not completed <br />within the times specified above, plus any extensions thereof allowed in accordance with the <br />General Conditions. They also recognize the delays, expense and difficulties involved in <br />proving in a legal or arbitration proceeding the actual loss suffered by OWNER if the Work <br />is not completed on time. Accordingly, instead of requiring any such proot: OWNER and <br />CONTRACTOR agree that as liquidated damages for delay (but not as a penalty) <br />CONTRACTOR shall pay OwNER $750.00 for each day that expires after the time specified. <br /> <br />20 <br />EXHIBiT 1\ <br />