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<br />AGREEMENT <br /> <br />THIS AGREEMENT is dated as of the 9th day of April in <br />the year 1990 by and between City of Paris, Paris, Texas, <br />(hereinafter called OWNER) and Jerry B. Stephens, d/b/a Stephens <br />& Sons Concrete Contractor (hereinafter called CONTRACTOR). <br /> <br />OWNER and CONTRACTOR, in consideration of the mutual covenants <br />hereinafter set forth, agree as follows: <br /> <br />Article 1. WORK. <br /> <br />CONTRACTOR shall complete all Work as specified or indicated in the <br />Contract Documents. The Work is generally described as follows: <br />The construction of approximately 1073.4 square yards of <br />reinforced concrete lining of drainage ditch, with other <br />appurtenant construction, complete in place. <br /> <br />Article 2. ENGINEER. <br /> <br />The Project has been designed by City Engineer, City of Paris, <br />Paris, Texas, or his authorized representative, who is hereinafter <br />call ENGINEER and who is to act as OWNER'S representative, assume <br />all duties and responsibilities and have the rights and authority <br />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. CONTRACT TIME. <br /> <br />3.1 The Work will be substantially completed within 120 days <br />from the date when the Contract Time commences to run as provided <br />in paragraph 2.3 of the General Conditions, and completed and ready <br />for final payment in accordance with paragraph 14.13 of General <br />Conditions within 150 days from the date when the Contract Time <br />commences to run. <br /> <br />3.2 Liquidated Damages. OWNER and CONTRACTOR recognize that time <br />is of the essence of this Agreement and that OWNER will suffer <br />financial loss if the Work is not completed within the times <br />specified in paragraph 3.1 above, plus any extensions thereof <br />allowed in accordance with Article 12 of the General Conditions. <br />They also recognize the delays, expense and difficulties involved <br />in proving in a legal or arbitration proceeding the actual loss <br />suffered by OWNER if the Work is not completed on time. <br />Accordingly, instead of requiring any such proof, OWNER and <br />CONTRACTOR agree that as liquidated damages for delay <br />(but not as a penalty) CONTRACTOR shall pay OWNER one hundred <br />fifty and no/100 dollars $ 150.00 ) <br />for each day that expires after the time specified in paragraph <br />3.1 for Substantial Completion until the Work is substantially <br />complete. After Substantial Completion, if CONTRACTOR shall <br />neglect, refuse or fail to complete the remaining Work within the <br />Contract Time or any proper extension thereof granted by OWNER, <br /> <br />EXHIBIT A <br />