Contract Price Law and Legal Definition

Contract price is the amount to be paid under a contract of sale, a contract to render services, or a construction contract. In a contract for the construction of a building, the contract price is construed as, not the abstract amount agreed to be paid, but the sum which the contractor was actually entitled to receive for the whole work done by him. [Doll v. Young, 149 Ky. 347, 350 (Ky. 1912)].