How to create a schedule of values template?

What Should a Schedule of Values Include? Project name and number. Name of the prime or general contractor. Application number and date. Work item numbers. Description of work items. Total value of each item. Percentage of work completed. Value of work completed for past and current periods.

What is a subcontractor schedule of values?

The 'Schedule of Values' tab is a general SOV that details each scope of work associated with the commitment. The 'Subcontractor SOV' tab is the more specific area where collaborators are invited to provide a detailed line-item breakdown for each line item on the commitment's general 'Schedule of Values' tab.

What is a SOV template?

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.

What is a contractor's schedule of values?

A schedule of values is a document used by stakeholders on construction projects that lists the value and cost of every billable work item on a step-by-step timeline, and the percentage of the work completed to date.

Who creates the schedule of values in construction?

The Schedule of Values is typically created by the contractor or subcontractor at the start of the project, and it is agreed upon by all parties, including the project owner or architect, before work begins.

What should be in a schedule of values?

As a best practice, SOVs should include the following: Business information (i.e. project name and number, name of contractors, addresses, etc.) Detailed description of each work item (breakdown of scope of work) Cost for each work item. Amount that has been paid to date. Percentage of work completed.

The contractor develops the SOV based on the total contract sum and the scope of work specified in the contract. The entire scope is broken down into individual tasks or deliverables and then assigned a corresponding value (i.e. scheduled value). These values include both direct and indirect costs.

Who prepares the schedule of values?

Who prepares the schedule of values? The general contractor typically prepares the schedule of values before the construction begins. It is then reviewed and approved by the project owner and other key stakeholders.

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