![]() Generally, only first-tier (prime or general contractors) and second-tier subcontractors will need to fill out a schedule of values. It is particularly common on a commercial, public, or complex residential project. Project owners and architect often require a schedule of values for the management of the cash-flow and progress payments on the project. This is a simple example of a completed schedule of values: There is no single, industry-wide accepted value threshold. On other projects the value threshold may be more or less. On some jobs, the owner or architect might require that every line be broken down such that each work item is valued at less than $20,000. In practice, the amount of detail necessary can vary. The architect or owner then reviews the documents and either dispute or agrees to the progress payment. The subcontractor typically submits the schedule of values with an application for payment and any other documentation to support the request. This allows the architect or project owner to quickly see the percentage of each item that has been completed. ![]() ![]() The schedule of values shows the total project on paper, step by step. According to the standardized contract documents from the American Institute of Architects (AIA), “The schedule of values shall allocate the entire contract sum among the various portions of the work.” This comprehensive work list represents the entire construction project and the entire contract price, from beginning to end. A Schedule of Values, or SOV, is a list of every work item on a project, along with each item’s value or cost. ![]()
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