- The description of each item of work. ...
- The total cost for each item.
- What you've been paid to date on the work, from prior billing periods.
- The percentage of the work that's been completed.
- Your costs for the current billing period.
What is the purpose of a schedule of values?
A schedule of values is used by prime or general contractors, and second-tier subcontractors (those hired by the GC) to support their application for payment. Project owners and architects use the schedule of values to verify the work performed, and release payment.
What is SOV in accounting?
Description. In construction, a Schedule of Values, or SOV, is a comprehensive list of work items on a project that represents the entire project and contract price, from beginning to end. Author.
What is SOV in billing?
A schedule of values commonly referred to as SOV is a comprehensive documented list of work that was done on a particular project. SOV's are an essential part of every construction project. ... For large commercial contractors, billing against a schedule of values is standard.Jun 16, 2017
What is included in a schedule of values?
A Schedule of Values, or SOV, is a list of every work item on a project, along with each item's value or cost. This comprehensive work list represents the entire construction project and the entire contract price, from beginning to end.
What is a contractor's schedule of values?
A Schedule of Values is a document used by key stakeholders on a construction project, from general contractors and subcontractors, to property owners and construction managers, that lists out the value and cost of every billable work item on a step-by-step project timeline, and the percentage of the work that's been ...May 12, 2021
What is a valuation in construction?
Valuation means the estimated total cost of building construction, including all electric, mechanical, plumbing and permanently fixed equipment. It is not meant to determine market value of a structure. ... Total valuation includes design fees, but does not include land price or site development costs.
What is the purpose of a schedule in construction?
Every project has a construction schedule. Not only does the schedule outline how quickly the work will get done, it also outlines how the work will get done. The schedule defines the sequence and method in which the materials will be put in place.Jun 3, 2015