Schedule of values
From Wikipedia, the free encyclopedia
A Schedule of Values (SOV) is a detailed list of how much different tasks are worth in a large project, especially in construction. SOVs are used for billing the client prior to the completion of the overall project to maintain cashflow for the general contractor.
apportioning the original contract sum and all change orders, among all cost code divisions or portions of the work. The Schedule of Values shall be based on the approved budget or the approved Fixed Price, or GMP, Cost-Plus Contract type as applicable. See the executed contract agreement for additional language regarding the Schedule of Values. Each Project/Job shall have a separate Schedule of Values. If multiple Projects/Jobs are included in one contract, then the Contractor/Vendor must create a separate Schedule of Values which clearly segregates costs among each Job for billing, reporting and audit purposes."[1]
A template that can be used for a typical SOV is the ConsensusDocs 293 - Schedule of Values.[2] The American Institute of Architects Contract Documents department does not currently publish a standard schedule of values form.[3]
