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~ AGREEMENT <br />~ THIS AGREEMENT is dated as of the day of in the year 2010, by and <br />between the City of Paris (hereinafter called OWNER) and (hereinafter <br />called CONTRACTOR). <br />~ OWNER and CONTRACTOR, in consideration of the mutual covenants hereinafter set forth, <br />' agree as follows: <br />Article 1. WORK <br />~ CONTRACTOR shall complete all Work as specified or indicated in the Contract Documents. <br />The Work project is generally described as follows: <br />~ Trail de Paris Expansion - SE 8th St. to SE 12th St. <br />HEI #180039 <br />Article 2. ENGINEER <br />The Project has been designed by Hayter Engineering, Inc., Paris, Texas, who is hereinafter <br />~ called ENGINEER and who is to act as OWNER'S representative, assume all duties and <br />responsibilities and have the rights and authority assigned to ENGINEER in the Contract <br />Documents in connection with completion of the Work in accordance with the Contract <br />~ Documents. <br />~ Article 3. CONTRACT TIME <br />3.1 The Work will be substantially completed and ready for final payment within 120 <br />calendar days from the date when the Contract Time commences to run, as provided in <br />~ the General Conditions. <br />3.2 Liquidated Damages. OWNER and CONTRACTOR recognize that time is of the essence <br />of this Agreement and that OWNER will suffer financial loss if the Work is not <br />completed within the times specified above, plus any extensions thereof allowed in <br />accordance with the General Conditions. They also recognize the delays, expense and <br />difficulties involved in proving in a legal or arbitration proceeding the actual loss <br />suffered by OWNER if the Work is not completed on time. Accordingly, instead of <br />requiring any such proof, OWNER and CONTRACTOR agree that as liquidated damages <br />for delay (but not as a penalty) CONTRACTOR shall pay OWNER $250 for each <br />calendar day that expires after the time specified. <br />Article 4. CONTRACT PRICE <br />OWNER shall pay CONTRACTOR for completion of the Work in accordance with the Contract <br />Documents in current funds as follows: <br />4 19 <br />