Schedule of values
A list of line items that details all of the agreed-upon costs (e.g., labor, materials, etc.) on a project.
A schedule of values is a detailed list that allocates the total contract amount across various parts of the work. It serves as a basis for progress payments and helps in tracking financial progress, ensuring that payments are linked to actual work completed. Abbreviated as SOV, it itemizes the contract amount into individual pay items to show how the entire contract sum is allocated to all of the project's work. An SOV is also based on the project's approved budget and commonly used to determine progress payments to the contractor(s).
Used in a sentence
The schedule of values breaks down the total contract price into individual work components for billing.
Synonyms/variation
SOV
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