Schedule of Values Templates

A Schedule of Values (SOV) template is a document used in construction projects to outline the value of work completed at a given point in time. It is typically used to track progress and payments on a project, and is submitted to the owner or lender on a regular basis. The template typically includes a list of the work to be done, the value of each item, and the percentage of completion for each item. The SOV is used to verify that the work performed corresponds to the amount invoiced, and to make sure that the project is progressing as planned.

Construction Schedule Of Values

A Construction Schedule of Values (SOV) is a document used to outline the value of work completed at a given point in time on a construction project. It is typically used to track progress and payments on the project and is submitted to the owner or lender on a regular basis. The SOV is based on the original project budget and is broken down into individual line items. Each line item corresponds to a specific aspect of the project, such as excavation, framing, or electrical work. The SOV includes the total value of each line item, the percentage of completion for each item, and the corresponding amount to be paid. This document helps the owner, lender and contractors to verify that the work performed corresponds to the amount invoiced and that the project is progressing as planned.

How do you fill a schedule of values?

A Schedule of Values (SOV) is typically filled out by the contractor or the project manager. The process of filling out an SOV typically includes the following steps:

Review the project plans and specifications: The contractor or project manager should review the project plans and specifications to ensure that they understand the scope of work.
Break down the work into individual line items: The project should be broken down into individual line items that correspond to specific aspects of the project, such as excavation, framing, or electrical work.
Assign values to each line item: Each line item should be assigned a value based on the original project budget. This value should represent the total cost of completing the work.
Calculate the percentage of completion: The percentage of completion for each line item should be calculated based on the amount of work that has been completed.
Submit the SOV: The completed SOV should be submitted to the owner or lender on a regular basis, such as every month or every quarter.

It is important to note that the SOV should be reviewed and updated regularly as the project progresses, to ensure that it accurately reflects the current status of the project.