AMERICAN INSTITUTE OF ARCHITECTS







                               AIA Document A107



                         Abbreviated Form of Agreement

                         Between Owner and Contractor



               For CONSTRUCTION PROJECTS OF LIMITED SCOPE where

                   the Basis of Payment is a STIPULATED SUM



                                 1987 EDITION



THIS DOCUMENT HAS IMPORTANT LEGAL CONSEQUENCES; CONSULTATION WITH AN ATTORNEY

IS ENCOURAGED WITH RESPECT TO ITS COMPLETION OR MODIFICATION



This document includes abbreviated General Conditions and should not be used

with other general conditions.  It has been approved and endorsed by The

Associated General Contractors of America.



AGREEMENT



made as of the 5th day of April in the year of Nineteen Hundred and 96.



{TABLE}

{C}                                  {C}

BETWEEN the Owner:                   MAUI USA, INC.

(Name and address)                   505 FRONT STREET, SUITE 231

                                     LAHAINA, HAWAII 96761



and the Contractor:                  FLETCHER PACIFIC CONSTRUCTION Co., LTD.

(Name and address)                   707 RICHARDS STREET, SUITE 400

                                     HONOLULU, HAWAII 96813



The Project is:                      KAHANA RIDGE SUBDIVISION - MASS GRAVING AND INFRASTRUCTURE

(Name and location)                  KAHANA, LAHAINA, MAUI, HAWAII



The Architect is:                    R. T. TANAKA ENGINEERS, INC.

(Name and address)                   871 KOLU STREET, SUITE 201

                                     WAILUKU, MAUI, HAWAII 96793

{/TABLE}



The Owner and Contractor agree as set forth below.





                                   ARTICLE I



                           THE WORK OF THIS CONTRACT



1.1  The Contractor shall execute the entire Work described in the Contract

{PAGE}

Documents, except to the extent specifically indicated in the Contract

Documents to be the responsibility of others, or as follows:





                                   ARTICLE 2



                DATE OF COMMENCEMENT AND SUBSTANTIAL COMPLETION



2.1  The date of commencement is the date from which the Contract Time of

Paragraph 2.2 is measured, and shall be the date of this Agreement, as first

written above, unless a different date is stated below or provision is made

for the date to be fixed in a notice to proceed issued by the Owner.



(Insert the date of commencement, if it differs from the date of this

Agreement or, if applicable, state that the date will be fixed in a notice to

proceed.)



SEE EXHIBIT A



2.2  The Contractor shall achieve Substantial Completion of the entire Work

not later than



(Insert the calendar date or number of calendar days after the date of

commencement.  Also insert any requirements for earlier Substantial Completion

of certain portions of the work, if not stated elsewhere in the Contract

Documents.)



SEE EXHIBIT A





, subject to adjustments of this Contract Time as provided in the Contract

Documents.



(Insert provisions, if any, for liquidated damages relating to failure to

complete on time.)



Liquidated damages shall be five-hundred dollars ($500) for each calendar day

that substantial completion is not achieved within the Contract time.





                                   ARTICLE 3



                                 CONTRACT SUM



3.1  The Owner shall pay the Contractor in current funds for the Contractor's

performance of the Contract the Contract Sum of ELEVEN MILLION FOUR HUNDRED

FIFTY SIX THOUSAND and 00/100 Dollars ($11,456,000.00), subject to additions

and deductions as provided in the Contract Documents.



SEE EXHIBIT A.



3.2  The Contract Sum is based upon the following alternates, if any, which

are described in the Contract Documents and are hereby accepted by the Owner:



(State the numbers or other identification of accepted alternates.  If

decisions on other alternates are to be made by the Owner subject to the

execution of this Agreement, attach a schedule of such other alternates

showing the amount for each and the date with which that amount is valid.)



1.   Included is the furnishing of performance and payment bonds.



2.   The following Kahana Ridge Subdivision Mass Grading Change Orders are

     incorporated by reference:



     Change Order No. 1 dated 8/16/94; Change Order No. 2 dated 8/22/94;

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