The price of a convertible as quoted exclusive of accrued interest. That is, the accrued coupon is not not part of the quoted price. Most convertible bonds are quoted on this basis. However, the total price of the bond (the clean price plus the accrued interest) is the actual price in the market. For example, if the dirty price of a bond is quoted as 101.5%, then the clean price is 100%.
The clean price is also known as net price.
