1993-054-RES WHEREAS, the City Council of the City of Paris did, in Resolution No.93-041 on April 12, 1993, approve

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AGREEMENT THIS AGREEMENT is dated as of the 14tll day of June, in the year 19-21. by and between the City of Paris. Paris, Teidhereinafter called OWNER) and Stephens and Sons Concrete Contractors (hereinafter called CONTRACTOR). OWNER and CONTRACTOR, in consideration of the mutual covenants hereinafter set forth, agree as follows: Article 1. WORK CONTRACTOR shall complete all Work as specified or indicated in the Contract Documents. The Work is generally described as follows: Construction of Channel Excavation, Concrete Lining, Vegetative Restoration and all associated work. The Project for which the Work under the Contract Documents may be the whole or only a part is generally described as follows: Entire work. ',- Article 2. ENGINEER The Project has been designed by Hayter Engineering, Inc., paris, Texas, who is hereinafter called ENGINEER and who is to act as OWNER'S representative, assume all duties and responsibilities and have the rights and authority assigned to ENGINEER in the Contract Documents in connection with completion of the Work in accordance with the Contract Documents. Article 3. CONTRACT TIME 3.1. The Work will be substantially completed and ready for final payment within ln~ days from the date when the Contract Time commences to run, as provided in the General Conditions. 3.2. Liquidated Damages. OWNER and CONTRACTOR recognize that time is of the essence of this Agreement and that OWNER will suffer financial loss if the Work is not completed within the times specified above, plUS any extensions thereof allowed in accordance with the Gene~al Conditions. They also recognize the delays, expense and difficulties involved in proving in a legal or arbitration proceeding the actual loss suffered by OWNER if the Work is not completed on time. Accordingly, L1stead of requiring any such proof, OWNER and CONTRACTOR agree EXHIBlIA