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STATE OF TEXAS (6 COUNTY OF LAMAR: THIS AGREEMENT, made the fourth day of June, in the year of 1987, by and between the.City of Paris, acting by and thru the Mayor, who has been duly authorized so to act, hereinafter called the Owner, and the Danish Library Design Bureau. Inc. of Houston, Texas, Viggo Torbensen, President, hereinafter called the Contractor. WITNESSTH, that the Owner and the Contractor for the Considerations hereinafter named agree as follows: ARTICLE I: SCOPE OF THE WORK: The Contractor shall furnish all the materials and perform all the work shown and required on the Drawings and described in the Specifications, entitled: "Paris Public Library Furnishings," including all items on Bid Schedule S1 through S26, CC1 -90, CC2 -60, SC1, SC2, SC3, BT1, ND1, and B1, as prepared by William M. Lightfoot, AIA, acting as and in these Contract Documents entitled the Architect; and the Contractor shall do everything required by the Contract Documents. ARTICLE II: TIME OF COMPLETION: The work to be performed under t is Contract shall be commenced on the date of Work Order and shall be completed in eighty -four (84) calendar days. Subject to. extensions of time as described in the General Conditions, the Contractor agrees to pay the sum of $75.00 (seventy -five dollars) per day, as liquidated damages to the Owner for each calendar day thereafter that the work remains incomplete. ARTICLE III: THE CONTRACT SUM: The Owner agrees.to pay the Contractor in current funds for the performance of the Contract the sum of Seventy -Five Thousand,-Six Hundred Twenty -Three and 65/100 Dollars ($75,623.65) subject to additions and deductions as provided in the Specifications and to the performance by the Contractor of all the terms of this Contract. ARTICLE IV: PROGRESS PAYMENTS: The Owner shall make pay- ments on account of the Contract based on the Architect's estimate of the value of work done and materials in place. From the amount so ascertained, five percent (5%) will be retained, less the aggregate of previous payments. ACKNOWLEDGE: OWNER EXHIBIT A