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How to fill out schedule of values form

How to fill out schedule of values form

1. To fill out a schedule of values form, follow these steps:
2. Start by providing the project information, such as the project title, project number, and contract dates.
3. List the various components or categories of work that will be performed on the project. For example, you can include items like site preparation, electrical work, plumbing work, etc.
4. Assign a value or amount to each component or category of work. Make sure the values are realistic and reflect the actual cost of the work.
5. If applicable, include any additional notes or descriptions for each component or category of work. This can help provide more clarity on the scope of work.
6. Sum up the values of all the components or categories of work to arrive at the total value for the schedule of values form.
7. Double-check all the information and calculations to ensure accuracy.
8. Once you have completed the form, review it again to make sure everything is filled out correctly.
9. Submit the schedule of values form to the appropriate party as required, such as the project owner, contractor, or financial institution.

Who needs schedule of values form?

1. The schedule of values form is typically needed in construction projects.
2. It is commonly used by contractors, subcontractors, and project owners to track and manage the progress and costs of the project.
3. Financial institutions may also require a schedule of values form to assess the project's financial status and determine funding or loan disbursements.
4. The form helps ensure transparency and accountability in the construction process by clearly outlining the various components of work and their corresponding values.

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What is schedule of values form?

A schedule of values form is a document used in construction projects that outlines the estimated values of various components of the work to be performed. It breaks down the total contract price into smaller segments, allowing for easier tracking of progress and payments.

Who is required to file schedule of values form?

Contractors and subcontractors involved in construction projects are typically required to file a schedule of values form as part of the billing or payment process.

How to fill out schedule of values form?

To fill out a schedule of values form, list each element of the work, assign a value to it based on the contract, detail the percentage of completion for each item, and ensure that the total matches the contract amount.

What is the purpose of schedule of values form?

The purpose of a schedule of values form is to provide a clear breakdown of costs, facilitate payments, and allow for efficient monitoring of project progress and budgeting.

What information must be reported on schedule of values form?

The schedule of values form must include a breakdown of individual work items, their corresponding values, any progress percentage, and the total contract sum.