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 construction schedule template?

A construction schedule is a type of calendar or chart that organizes all of the tasks that need to be completed throughout the building or remodeling process in the order in which they need to be done. Some tasks will overlap and others will need to be done in a specific order (which are called dependencies).

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.

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.

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.

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.

How do you create a construction schedule?

The following are the five main steps to creating any successful construction schedule: Gather Project Information. Select a Project Management Tool. Create a Draft Schedule. Refine the Basic Construction Schedule. Maintain Open Lines of Communication.

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.

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