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This document outlines the preliminary cost estimate for a construction project with detailed itemized values and allowances.
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How to fill out schedule of values

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How to fill out SCHEDULE OF VALUES

01
Identify all the components of the project and break them down into specific tasks or categories.
02
Assign a value to each component based on its estimated cost.
03
Ensure the total of all values equals the contract amount to maintain alignment with the overall budget.
04
List the values in a clear, organized format, typically using a table structure.
05
Include a brief description of each item and the associated costs to provide clarity.
06
Review and revise the schedule with stakeholders for accuracy and completeness.

Who needs SCHEDULE OF VALUES?

01
Contractors who manage construction projects.
02
Subcontractors who need to detail their work and expenses.
03
Project owners who require an overview of project costs and progress.
04
Financial institutions involved in project funding.
05
Auditors who review project expenditures for compliance.
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A schedule of values (SOV) is an itemized list of each activity required to complete the scope of work on a construction project, along with the corresponding costs or values. The SOV serves as a complete representation of the project, detailing all the elements and activities from construction kickoff to closeout.
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.
Any large construction project involves hundreds or thousands of tasks before it is completed. A schedule of values (SOV) is an essential construction document that comprehensively associates a cost to each of those tasks, ultimately helping to track progress and manage cash flow.
Specification Schedule means the Schedule containing details of the Specification for the Goods and Services and attached to the Contract.
A schedule of values — or SOV — is a document that lists all work associated with a construction project, including the costs. Contractors use SOVs to help manage project budgets and accurately track performance.
How To Fill Out and Submit an SOV Step 1: Confirm the Contract Price. Step 2: Add Work Items. Step 3: Determine Each Item's Value. Step 4: Update As Work Is Completed. Step 5: Review and Confirm Values. Step 6: Submit With the Application for Payment.
How To Fill Out and Submit an SOV Step 1: Confirm the Contract Price. Step 2: Add Work Items. Step 3: Determine Each Item's Value. Step 4: Update As Work Is Completed. Step 5: Review and Confirm Values. Step 6: Submit With the Application for Payment.
A Statement of Values (SOV) is a detailed report submitted by an insured party to an insurer, listing all insured properties along with their values and valuation methods (e.g., Actual Cash Value, Replacement Cost, or Valued Basis).

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A Schedule of Values is a detailed list of the various components of a project, including labor and materials, used to allocate costs and determine payment schedules.
Typically, contractors and subcontractors are required to file a Schedule of Values as part of their contract agreement with the project owner.
To fill out a Schedule of Values, list each component of the work along with its corresponding value. Ensure that the total matches the overall contract sum.
The purpose of a Schedule of Values is to provide a transparent breakdown of project costs, facilitate progress payments, and improve financial management throughout the project.
The Schedule of Values must report itemized costs for labor, materials, overhead, profit, and any other relevant fees associated with project tasks.
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