Financials & Cost

Schedule of Values

Also known as: SOV

A line-item breakdown of a contract's total price, used as the basis for progress billing.

A Schedule of Values (SOV) breaks a contract's lump sum into line items — mobilization, foundations, framing, drywall, and so on — each with its own value. The line items sum to the contract total and become the framework for billing.

Every pay application bills against the SOV: each period you report the percent complete on each line, and that drives what you can invoice. A well-built SOV makes billing clean and defensible; a lumpy one invites disputes with the owner or the sub over what's actually been earned.

Related terms

Pay Application

A periodic invoice billing for the work completed to date, submitted against the Schedule of Values.

Commitment

A subcontract or purchase order — a signed agreement committing money to a subcontractor or supplier for a defined scope.

Retainage

A percentage of each payment withheld until the work is substantially or fully complete, as security for performance.

Prime Contract

The agreement between the project owner and the general contractor that defines the total scope, price, and terms.

From term to skill

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