Generally, what is the amount to be paid by the Owner to the Contractor for the execution of the Work?

The Owner should pay the CONTRACT PRICE, or the amount in money or other consideration to be paid by the Owner to the Contractor for the execution of the Work in accordance with the Contract.

 

The Owner's obligation to pay the CONTRACT PRICE ends when he makes the FINAL PAYMENT to the Contractor. There is a  FINAL PAYMENT when payment is made of the final progress billing and all approved claims including but not limited to variations in the work, Contract Price adjustments and/or escalation, acceleration of work, and others.