Documents & records
Schedule of values
Also called: SOV
A schedule of values divides the total contract price into individual line items — by trade, system or phase — each carrying a dollar value that sums to the contract sum. Each billing period, the contractor reports percent complete against each line, and that's what the payment application is built on. It's the framework that turns a lump-sum contract into a measurable, billable progression.
Why it matters
The SOV is where progress billing and physical completion are supposed to agree. When a line is billed at ninety percent, someone should be able to verify the work is actually ninety percent done — and that's exactly where documented inspections and progress photos support or challenge the number. An executed change order adds or adjusts a line so changed scope can be billed.
How it shows up on site
Percent-complete on the finish lines often can't be released until the punch is closed, so the schedule of values and the punch list end the job tied together. Retainage held against each line comes off as the work is verified complete, which makes the closeout record the thing that unlocks final payment.
Related terms
- Change orderA signed amendment to the contract that changes the scope, price or schedule, agreed by owner and contractor before the changed work proceeds.
- Punch listThe running list of incomplete or defective work a contractor has to fix before an area is accepted and closed out.
- RetainageA portion of each payment the owner withholds until the work is complete and accepted, as leverage to finish.
- Substantial completionThe milestone where the work is usable for its intended purpose, even with minor punch items still open.
- Nonconformance report (NCR)A formal record raised when installed work does not meet the drawings, specs or an accepted standard, and the plan to resolve it.
- Request for information (RFI)A formal written question from the contractor to the design team when the drawings or specs are unclear, conflicting or incomplete.
Knowing the term is step one. Proving it is the job.
RTI holds the submit button until every mandatory item is answered and the photos are attached, then chains the record so it can be proven untouched later.