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<br />AGREEMENT <br /> <br />THIS AGREEMENT is dated as of the 28 day of August in the year 2006 by and between the <br />City of Paris (hereinafter called OWNER) and B. Bray Construction Co. Inc. (hereinafter called <br />CONTRACTOR). <br /> <br />OWNER and CONTRACTOR, in consideration of the mutual covenants hereinafter set forth, <br />agree as follow: <br /> <br />Article I. WORK <br /> <br />CONTRACTOR shall complete all Work as specified or indicated in the Contract Documents. <br />The Work project is generally described as follows: Construction of approximately 1230 LF 18" gravity <br />sewer, 5 fiberglass manholes, 3 single sewer services, 188 LF concrete curb and gutter, and all misc. asphalt repairs <br />and misc. items on bid documents not listed. <br /> <br />Article 2. ENGINEER <br /> <br />The Project has been designed by The City of Paris Engineering Department, Paris, Texas, who <br />is hereinafter called ENGINEER and who is to act as OWNER'S representative, assume all <br />duties and responsibilities and have the rights and authority assigned to ENGINEER in the <br />Contract Documents in connection with completion of the Work in accordance with the Contract <br />Documents. <br /> <br />Article 3. CONTRACT TIME <br /> <br />3.1 The Work will be substantially completed and ready for final payment within 60 calendar <br />days from the date when the Contract Time commences to run, as provided in the General <br />Conditions. <br /> <br />3.2 Liquidated Damages. OWNER and CONTRACTOR recognize that time is of the essence of <br />this Agreement and that OWNER will suffer financial loss if the Work is not completed within <br />the times specified above, plus any extensions thereof allowed in accordance with the General <br />Conditions. They also recognize the delays, expense and difficulties involved in proving in a <br />legal or arbitration proceeding the actual loss suffered by OWNER if the Work is not completed <br />on time. Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR agree <br />that as liquidated damages for delay (but not as a penalty) CONTRACTOR shall pay OWNER <br />$500 for each calendar day that expires after the time specified. <br /> <br />Article 4. CONTRACT PRICE <br /> <br />OWNER shall pay CONTRACTOR for completion of the work in accordance with the Contract <br />Documents in current funds as follows: <br /> <br />At the unit prices shown on the Unit Price Bid Schedule included in the Contract Documents. <br />