1998-048-RES WHEREAS, CITY COUNCIL DID HERETOFORE ON THE 9TH DAY OF MARCH

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...... . ~ .:,...~ . , . .....~.~ -":"- ....; .... ...:~.~.......:...~";,.', ': - - .... .....: ..... " '.', ,.. '~ ' ,...,.'~-."..-_" ;-._..,w:....... .. ~ THIS AGREEMENT is dated as of the ni-h day of APT; 1 the year 19 96 by and between Ci ty o~ Paris, Paris, (hereinafter called OWNER) and DT:llrP r.nn~tTl1,.tinn"r.nmp;my, Tn~. (hereinafter called CONTRACTOR). OWNER and CONTRACTOR, in consideration of the mutual covenants hereinafter set-forth, 'agree as follows: in Texas, Article 1. WORK. CONTRACTOR shall complete all Work as specified or indicated in the Contract Documents. The Work is generally described as follows: 1560 L.F. of concrete curb and gutter, 780 L.F. of 42 inch RCP storm sewer, 2425 S. Y. Asphalt level-up and HMAC overlay and approximately 2600 L.F. of right-of-way preparation including clearing, grubbing, and grading with other appurtenant construction, complete in place. The Project for which the Work under the Contract Documents may be the whole or only a part is generally described as follows: Street and Drainage Improvements, 6th Street N.E. from E. Garrett to Martin Luther King Jr. Dr., Clearing, Grubbing, and Grading of Martin Luther King Jr. Dr., from 6th Street N.E. to North Main. Article 2. ENGINEER. The Project has been designed by City Engineer, City of Paris, Paris, Texas, or his authorized representative, who is hereinafter call 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 within -120 days ..from_ the_date when the Contract Time commences to.run as provided in paragraph 2.3 of the General Conditions, and completed and ready for final payment in accordance with paragraph 14.13 of General Conditions within ~ days from the date when the Contract Time commences to run. .~ .---- 3.2 Liquidated Damages. OWNER and CONTRACTOR recognize that time is of the essence of this Agreem~nt and that OWNER will suffer financial loss if the Work is not completed within the times. specified in paragraph 3.1 above, plus any extensions thereof allowed in accordance with Article 12 of the General 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, instead of requiring any such proof, OWNER and 19 ~. ~HIBll A