<PAGE>
 
                                   CONTRACT
                                   --------

THIS CONTRACT, made and entered into this 6th day of February, 1996, between 
Clark County, a political subdivision of the State of Nevada, hereinafter 
referred to as the "OWNER" and Meadow Valley Contractors, Inc., (a Corporation 
organized and existing under the laws of the State of Nevada), (a Partnership 
consisting of     N/A       ), (an individual trading as   N/A   of the City of 
              --------------                             -------
   N/A     in the State of     N/A    ), hereinafter referred to as the 
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"CONTRACTOR".


WITNESSETH:  That the said CONTRACTOR having been awarded


         The Contract for the construction of the 7R/25L RUNWAY EXTENSION,
         Las Vegas, Nevada.


in accordance with the Bid therefore and for and in consideration of the 
promises and of the covenants and agreements, and of the payments herein 
specified, to be made and performed by the CONTRACTOR and the OWNER, the 
CONTRACTOR hereby covenants and agrees to and with the OWNER to undertake and 
execute all of the said named Work, in a good, substantial and workmanlike 
manner, and to furnish all the materials and all the tools and labor necessary 
to properly perform and complete the Work ready for use, in strict accordance 
with all the provisions of the Contract including the following Exhibits 
attached hereto and made a part hereof:


         Invitation to Bid

         Bid

         Contract

         Exhibit "B" - Special Conditions

         Exhibit "A" - General Conditions

         Exhibit "C" - Compensation Conditions

         Exhibit "D" - Addenda


                                                               Contract No. 2004
Bid Document                                                            Contract
December 8, 1995                                                    Page 1 of 11


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        Exhibit "E" - Technical Specifications

        Exhibit "F" - List of Drawings

        Contract Drawings

and accept as full compensation for the satisfactory performance of this
Contract the sum of FIFTEEN MILLION FOUR HUNDRED SIXTY-FIVE THOUSAND SIX HUNDRED
NINETEEN DOLLARS AND TWENTY CENTS ($15,465,619.20), which includes the base bid
amount.

The prices named in the Bid are for the completed Work, and include the
furnishing of all materials and all labor, tools, and appliances and all
expense, direct or indirect, connected with the proper execution of the Work and
of maintaining the same until it is accepted by the OWNER. In the event that
unit prices are included in the base bid amount, the sum stated above is an
estimated total Contract amount. Full compensation will be based upon the amount
or number of each unit of work approved by the OWNER as satisfactorily completed
in accordance with the Contract, multiplied by the applicable unit price set
forth in the Bid.

The CONTRACTOR shall commence the Work to be performed under this Contract on
the date set by the OWNER in the written Notice to Proceed, continuing the Work
with diligence and shall complete the entire Work in accordance with ATTACHMENT
NO. TWO TO BID, MILESTONE AND LIQUIDATED DAMAGES DATA. Further, in the event
interim milestone completion dates are established in the above ATTACHMENT NO.
TWO TO BID for separable portions of the Work, the CONTRACTOR agrees to complete
said separable portions of the Work in accordance with said milestone dates.

CONTRACTOR acknowledges that the time for completion of the Work is sufficient
for it to perform all the Work. In case of failure on the part of the CONTRACTOR
to complete the Work within the time(s) specified in the Contract, or within
such additional time(s) as may be granted by formal action of the Board of
County Commissioners or fails to prosecute the Work, or any separable part
thereof, with such diligence as will

                                                            Contract No. 2004
Bid Document                                                         Contract
December 8, 1995                                                 Page 2 of 11
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insure its completion within the time(s) specified in the Contract or any 
extensions thereof, the CONTRACTOR shall pay to the OWNER, as liquidated 
damages, the sum(s) indicated in ATTACHMENT NO. TWO TO BID if so established 
therein for milestone completion dates of separable parts of the Work and the 
final completion of the Work.

The Award of this Contract is subject to the condition precedent that the 
CONTRACTOR provide a Performance Bond and a Labor and Material Payment Bond as 
required by the Contract Documents.

IN WITNESS WHEREOF, the Board of County Commissioners of Clark County, Nevada, 
has authorized it's Director of Aviation to execute this Contract on behalf of 
the said OWNER, and the CONTRACTOR has hereunto set his hand and seal the day 
and year above written.

                                  CLARK COUNTY, NEVADA

                                  BY: /s/ Robert N. Broadbent
                                     ---------------------------------
                                       ROBERT N. BROADBENT
                                       Director of Aviation

NOTE: Witnesses not required for corporation, but Corporate Certificate must be 
complete.  Two witnesses required for Partnerships and Individuals.  
Partnerships must complete Partnership Certificate
                           -----------------------
 
---------------------------       MEADOW VALLEY CONTRACTORS, INC.
WITNESS                           
                                       (CONTRACTOR)
                                  
                                  BY: [SIGNATURE APPEARS HERE]
---------------------------          ---------------------------------
WITNESS                                -SEAL-

                                                              Contact No. 2004
Bid Document                                                          Contract
December 8, 1995                                                  Page 3 of 11