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AGREEMENT <br />THIS AGREEMENT is dated as of the 12th day of August in the year 2002 by and between the City <br />of Paris (hereinafter called OWNER) and Reeves Construction Services, Inc. (hereinafter called <br />CONTRACTOR). <br />OWNER and CONTRACTOR, in consideration of the mutual covenants hereinafter set forth, agree <br />as follow: <br />Article 1. WORK <br />CONTRACTOR shall complete all Work as specified or indicated in the Contract Documents. The <br />Work project is generally described as follows: <br />Article 2. ARCHITECT <br />The Project has been designed by William M. Lightfoot AIA, Architect, Paris, Texas, who is <br />hereinafter called ARCHITECT and who is to act as OWNER' S representative, assume all duties and <br />responsibilities and have the rights and authority assigned to ARCHITECT in the Contract <br />Documents in connection with completion of the Work in accordance with the Contract Documents. <br />Article 3. CONTRACT TIME <br />3.1 The Work will be substantially completed and ready for final payment within 250 <br />calendar days from the date when the Contract Time commences to run, as provided in the <br />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 completed <br />within the times specified above, plus any extensions thereof allowed in accordance with the <br />General Conditions. They also recognize the delays, expense and difficulties involved in <br />proving in a legal or arbitration proceeding the actual loss suffered by OWNER if the Work <br />is not completed on time. Accordingly, instead of requiring any such proof, OWNER and <br />CONTRACTOR agree that as liquidated damages for delay (but not as a penalty) <br />CONTRACTOR shall pay OWNER $150 for each calendar day that expires after the time <br />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 />At the unit prices shown on the Unit Price Bid Schedule included in the Contract Documents. <br />16 <br />