What a schedule of values is
A schedule of values (SOV) breaks the contract sum into line items - usually by phase, trade or spec section - each with a dollar value. Every pay application bills against it, by reporting how much of each line is complete.
How to build a good SOV
- Make the lines add up exactly to the contract sum.
- Split big lines so progress is measurable - “Framing” is harder to bill fairly than “Framing - first floor” and “Framing - second floor”.
- Keep general conditions, mobilization and closeout as their own lines.
- Avoid front-loading: owners and lenders compare line values to the work, and an obviously front-loaded SOV invites scrutiny.
- Add change orders as new lines rather than changing original values.
Example SOV
- General conditions - $24,000
- Sitework - $38,000
- Concrete - $56,000
- Framing - $72,000
- Roofing - $31,000
- MEP rough-in - $64,000
- Finishes - $85,000
- Closeout - $10,000
- Contract sum - $380,000
Enter lines like these in the template above with each line’s percent complete, and it calculates the completed value, retainage and payment due for the period.
Frequently asked questions
Who prepares the schedule of values?
The contractor prepares it, and the owner or architect approves it before the first pay application. Once approved, every progress billing is measured against it.
How detailed should a schedule of values be?
Detailed enough that progress on each line can be judged fairly, but not so detailed that billing becomes a chore. Many residential and light commercial jobs use 10-30 lines.
Is the template free?
Yes, it is free without an account. DrawTrack Pro saves each draw per project so your billing history carries forward.