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How to fill out schedule of values form

How to fill out schedule of values form:

1. Start by gathering all the necessary information and documentation needed to complete the form. This may include invoices, estimates, contracts, and relevant project details.
2. Begin by filling out the basic information section of the form, such as the project name, address, and relevant dates.
3. Proceed to list the different components or line items that make up the project. Break the project down into manageable sections, and assign a value to each item.
4. Include a detailed description for each line item, providing clear and concise information about the work or materials involved.
5. Indicate the amount or percentage of completion for each line item, based on the progress made on the project.
6. Calculate the total value for each line item by multiplying the completion percentage by the assigned value.
7. Sum up the total values to obtain the overall project value.
8. Make sure to review the form for accuracy and completeness before submitting it.

Who needs schedule of values form:

1. Contractors: Contractors often use schedule of values forms to present a breakdown of the project costs to the owner or developer. It helps them communicate the progress and expenses associated with the project.
2. Owners/Developers: Owners or developers require the schedule of values form to have a clear understanding of the project's financial aspects. It helps them track the costs, verify payments, and assess the project's progress.
3. Lending Institutions: Banks or lending institutions typically request the schedule of values form to evaluate and monitor the loan disbursal process. This form assists them in assessing the project's financial viability and progress before releasing funds.

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What is schedule of values form?

Schedule of values form is a detailed list of work items or components, including their corresponding values, that make up the total contract price for a construction project.

Who is required to file schedule of values form?

Contractors and subcontractors involved in a construction project are typically required to file a schedule of values form.

How to fill out schedule of values form?

To fill out a schedule of values form, one must list all work items or components, assign corresponding values to each item, and total the values to arrive at the contract price.

What is the purpose of schedule of values form?

The purpose of a schedule of values form is to provide transparency and a breakdown of the contract price, allowing for better tracking and management of project costs.

What information must be reported on schedule of values form?

Information that must be reported on a schedule of values form includes detailed descriptions of work items, corresponding values for each item, and the total contract price.