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Schedule of Values Yadkin County 2009 RESIDENTIAL QUALITY GRADE OR CLASS The quality grade of materials and workmanship is the one most significant variable to be considered in estimating the replacement

How to fill out schedule of values

How to fill out schedule of values:

1. Start by gathering all the necessary information regarding your project, such as the project name, location, and contact details.
2. Identify the different categories or divisions of work that will be included in the schedule of values. This could include labor, materials, equipment, and subcontractor costs.
3. Assign a specific code or number to each category or division of work. This will help organize and track the values efficiently.
4. Next, list down the specific tasks or items within each category or division. Include a description, quantity, unit cost, and total cost for each item.
5. Calculate the total value for each category or division by summing up the costs of all the items within that category.
6. Add up the total values for all the categories or divisions to get the overall value of the project.
7. Double-check all the information to ensure accuracy and make any necessary revisions or corrections.
8. Include any additional information or notes that may be relevant, such as any exclusions or contingencies.
9. Once you have successfully filled out the schedule of values, review it with all relevant stakeholders, such as contractors, subcontractors, and project managers, to ensure everyone is in agreement.
10. Keep a copy of the schedule of values for your records and provide copies to all parties involved in the project.

Who needs schedule of values:

1. Contractors: Contractors use the schedule of values to track and manage the financial aspects of a construction project. It helps them determine the amount of work completed and the corresponding payment that is due.
2. Subcontractors: Subcontractors rely on the schedule of values to understand their financial obligations and track their progress on a project. It helps them plan and budget their work accordingly.
3. Owners/Clients: Owners or clients use the schedule of values to review and approve invoices, ensuring that they are accurate and correspond to the work completed. It helps them monitor the project's financial progress and make informed decisions.
4. Lenders: Lenders may require a schedule of values to evaluate the financial health and progress of a project before providing financial assistance or loans. It helps them assess the project's value and track the distribution of funds.
5. Project Managers: Project managers use the schedule of values to monitor and control project budgets, track the progress of work, and ensure timely payments to contractors and subcontractors. It helps them stay on top of the project's financial aspects.

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What is schedule of values?

Schedule of values is a detailed breakdown of the costs and values associated with a construction project, typically used for billing and payment purposes.

Who is required to file schedule of values?

Contractors and subcontractors are typically required to file a schedule of values.

How to fill out schedule of values?

Fill out the schedule of values by listing each item or cost related to the project along with its corresponding value.

What is the purpose of schedule of values?

The purpose of schedule of values is to provide a clear and organized breakdown of costs associated with a construction project.

What information must be reported on schedule of values?

Information that must be reported on schedule of values includes a description of work, quantity, unit price, and total value for each item.