1998-130-RES WHEREAS, CITY COUNCIL DID HERETOFORE ON 10TH DAY

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AGREEMENT TIllS AGREEMENT is dated as of the 14th day of September in the year 1998 by and between The City of Paris (hereinafter called OWNER) and Stephens and Sons, Inc. (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 project is generally described as follows: Paving of71h Street Southwest, Paris, Texas. 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 150 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 General Conditions. They also recognize the delays, expense and difficulties involved in proving in a legator 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 CONTRACTOR agree that as liquidated damages for delay (but not as a penalty) CONTRACTOR shall pay OWNER $225 for each day that expires after the time specified. ...' IXHIBIT A