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AGREEMENT THIS AGREEMENT is dated as of the 12th day of November in the year 2001 by and between City of Paris, Paris, Texas, (hereinafter called OWNER) and Hansen & Associates, 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 is generally described as follows: reconstruction of structural framing, and exterior insulation and finish system application and 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: GATEWAY PROJECT REPAIR. Article 2. ENGINEER. The Project has been designed by City Engineer, City of Paris, Paris, Texas, or his authorized representative, who is hereinafter call ENG1NEER and who is to act as OWNER'S representative, assume all duties and responsibilities and have the rights and authority assigned to ENG1NEER 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 45 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 60 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 Agreement 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 CONTRACTOR agree that as liquidated damages for delay (but not as a penalty) CONTRACTOR shall pay OWNER One hundred and no/100 dollars $100.00 .) for each day that expires after the time specified in paragraph 3.1 for Substantial Completion until the Work is substantially complete. After Substantial Completion, if CONTRACTOR shall neglect,