Construction & Field
Schedule of Values
MyPMP
QMS Template
| Item | Category | Qty | Unit cost | Amount |
|---|---|---|---|---|
| Total | 0 | |||
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ποΈ Construction & Field
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About the Schedule of Values template
A Schedule of Values (SOV) breaks the total contract price into a detailed line-item list of work components, each with an allocated dollar value. It forms the basis for progress billing, letting owners, architects, and lenders verify that payment applications reflect actual work completed. Because the summed values must equal the contract sum, an accurate SOV keeps draws, retainage, and change orders aligned throughout the job.
It's part of My QMS, MyPMP's Quality Management System: fill it in online, personalize it with your name and logo, then export a clean, branded PDF. Your work auto-saves in your browser.
When to use a Schedule of Values
- βΈSubmitting your first pay application (AIA G702/G703 or equivalent) on a lump-sum contract
- βΈSetting up the payment framework at project kickoff before any work is billed
- βΈTracking percent-complete and earned value across trades or cost codes each billing period
- βΈReconciling approved change orders and retainage against the original contract sum
What a good Schedule of Values includes
- βLine item description and cost code for each division or scope of work
- βScheduled value (contract amount) per line, summing to the total contract sum
- βWork completed to date: previous applications plus this-period amount
- βMaterials presently stored on site but not yet installed
- βPercent complete and balance to finish for each line
- βRetainage withheld and total earned less retainage
What's inside this template
The interactive form above gives you:
A table of Item, Category, Qty, Unit cost, AmountAssumptions & notes
Tips & common mistakes
- π‘Break lines out with enough granularity to bill accurately, but avoid front-loading early items to inflate early draws β reviewers flag this fast.
- π‘Keep the SOV total locked to the contract sum; add approved change orders as new lines rather than editing originals so the audit trail stays clean.
- π‘Separate stored materials from installed work, since many contracts pay stored materials at a different rate or require proof of storage.
How it works
- 1. Fill it in β type directly into the fields, tables and sections above.
- 2. Brand it β add your organization name and logo with the Branding button.
- 3. Export β print to PDF, or become a member to white-label and sync across devices.
FAQ
What is a Schedule of Values?οΌ
It is a document that allocates the total contract price across individual line items of work, providing the itemized basis for progress payments and percent-complete tracking.
How is a Schedule of Values different from a cost estimate?οΌ
An estimate predicts what the work will cost during bidding, while an SOV divides the agreed contract sum into billable line items for payment; the SOV total is fixed to the contract, not the estimator's figures.
How does the Schedule of Values relate to AIA G702 and G703?οΌ
The G703 is the continuation sheet where the SOV line items and their completed values are listed, and those totals roll up into the G702 payment application certified for each billing period.
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