Schedule of values
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The Schedule of Values is a detailed statement furnished by a construction contractor, builder or others outlining the portions of the contract sum. It allocates values for the various parts of the work and is also used as the basis for submitting and reviewing progress payments.
As a project begins, the submitter (typically the contractor or construction manager) submits a Schedule of Values based on the original contract amount to the Owner or Owner’s representative (typically a contracted architect) for review. This is reviewed by all parties and approved if it is deemed acceptable. This schedule of values can be amended by change order.
When using the Schedule of Values (SOV) for pay applications the submitter will typically bill on a percentage basis. That is to say that the amount billed that month is __% of the overall line item. This value is then added to the total amount billed from previous pay requests. This total amount would be the total work completed to date. The balance to finish is then calculated by subtracting the total competed to date from the original line item total. The Architect or Owner’s representative will then review and approve the amount due to the contractor during that pay period.
A typical SOV is the AIA G703.
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