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The Schedule of Values, Why is it so Important?

2020-02-18T22:06:12+00:00

By: Frank Skelly Construction projects require a lot of documentation: contracts, plans, notices, pay applications, supplier waivers, certified payroll, change orders, and more. One of those documents is the Schedule of Values (SOV). This document is particularly important, so it’s worthwhile to spend a few minutes discussing it. What is a Schedule of Values? Simply put, a schedule of values is a comprehensive documented list of work items on a particular project with corresponding values that, in total, represent the entire project from beginning to end including the entire contract price along with all approved change orders. According to the standard AIA documents, “The schedule of values shall allocate the entire contract sum among the various portions of the work.” In practice, the level of detail on a schedule of values can vary dramatically. On some projects the owner or the bank might require that every [...]

The Schedule of Values, Why is it so Important?2020-02-18T22:06:12+00:00

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