Setting up a Schedule of Values

Objective 

To have an accurate Schedule of Values. 

Background 

A Schedule of Values (SOV) is a detailed schedule apportioning the original contract sum, among all cost code divisions or portions of the work. The Schedule of Values shall be based on the approved budget or the approved Contract Price 

Things to Consider 

• Review the Executed Prime Contract and Bid Manual for additional information regarding the Schedule of Values 

Prerequisites 

• Have an executed Prime Contract 

Steps

The excel version of the AIA Document G703 (Application & Certification for Payment) Document, can be used to create the draft of the schedule of values.  AIA G703 Invoice  On the second tab in the excel document labeled “Worksheet”, begin typing each Description of Work that represents a schedule of values line item and its Scheduled Value amount.    Discuss the schedule of values line items with your Project Manager to determine how to list Contingency, Bonds, Insurances, Profit, General Conditions, etc.   Print the final copy to PDF and send to Owner/Architect to get their final approval; then save the file in the job folder here:  Internal Documents\09 Pay Applications  File Name: Job Name - Schedule of Values

See Also 

• Create a Prime Contract (Sage) 

• Import a Prime Contract