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SCHEDULE OF VALUES. Ref. Inspection Scheduled Value Date. Percent Complete Total Completed Value. Previous Payments. Amount to Pay before Retainer Less Retain age ...

How to fill out 46 schedule of values

How to Fill Out 46 Schedule of Values:

1. Start by gathering all necessary information: Make sure you have a complete understanding of the project scope and deliverables, as well as the contract and any applicable regulations or requirements.
2. Identify the categories and items: Break down the project into various categories such as labor, materials, equipment, and overhead. Then, identify the specific items that need to be included under each category.
3. Assign a value to each item: Determine the monetary value for each item based on the estimated cost or market rate. This should reflect the fair and reasonable value for that particular item.
4. Provide detailed descriptions: Clearly describe each item listed in the schedule of values to ensure clarity and avoid any potential misunderstandings. Include all necessary information such as quantities, units of measurement, and any other relevant details.
5. Calculate and summarize the totals: Once you have assigned values to all items, calculate the totals for each category and the overall total. This will provide a clear overview of the budget allocation and help in tracking progress and expenditures throughout the project.

Who Needs 46 Schedule of Values:

1. General Contractors: General contractors often require a schedule of values to submit to the owner or project manager for transparency and accountability. It helps in breaking down the project costs and justifying payment requests.
2. Subcontractors: Subcontractors may also need a schedule of values to outline their portion of work and associated costs. This allows for proper coordination and payment verification.
3. Owners or Project Managers: Owners or project managers rely on the schedule of values to evaluate and monitor the progress of the project, as well as to make informed decisions regarding payments and budget allocation.
4. Lenders or Financial Institutions: Lenders or financial institutions may request a schedule of values to assess the financial viability of the project and determine loan disbursements based on the allocated funds for each phase or category.
5. Auditors or Accountants: Auditors or accountants may review the schedule of values to ensure compliance with financial regulations and to verify the accuracy of the project's budget and expenditure reporting.

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