A schedule of values (sov) is a detailed schedule 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.. The term "schedule of values" is defined as the itemized listing of description of the work by division and section of the specifications. submit schedule of values in duplicate within 15 days after date of owner-contractor agreement.. In the united states the industry standard format for a billing schedule of values is per aia form g703. progress billing for a general contractor accounting issues are common, so it is essential to establish a good schedule of values early. establish the rate of construction retainage.
The schedule of values is something that can never be ignored in construction, because the cash flow and success of the project can be affected immensely. this vital document might seem like it takes a lot of work in the beginning, but the time and money that it saves in the end will be worthwhile.. Schedule of values is a detailed statement of progress payments in construction industry. it defines how the entire contract sum is allocated among the various portions of the work. it defines how the entire contract sum is allocated among the various portions of the work.. The construction contract � schedule-of-values exhibit by frank gehr
