To ensure that your SOV is as accurate as possible, consider the following steps. Step 1: Confirm the Contract Price. ... Step 2: Add Work Items. ... Step 3: Determine Each Item's Value. ... Step 4: Update As Work Is Completed. ... Step 5: Review and Confirm Values. ... Step 6: Submit With the Application for Payment.

What is the meaning of schedule of values?

A schedule of values is a document submitted as part of the payment process on projects, and it assists with project management. It allocates the entire Contract Sum to various portions of the contractor's work that are detailed in the construction schedule.

A schedule of values: The schedule of values, or SOV, is a list of every work item on a construction job, along with each item's cost.

What is an SOV in construction?

The Schedule of Values (SOV) is a document prepared by the Contractor and its Subcontractors to itemize the costs of each work item on a construction project. For most projects that is put together by the project manager and/or cost estimator.

How do I create a schedule of values in Excel?

How do you fill a schedule of values? The item's number. ... Enter details of work. ... Enter the values. ... Fill in the details of work completed. ... Next, fill in the values of the current phase that is starting or ongoing. ... Stored materials for non-completed work. ... Fill in the total value of material stored for completed work.

What is the schedule of values?

What is a schedule of values? A schedule of values is a document used by stakeholders on construction projects that lists the value and cost of every billable work item on a step-by-step timeline, and the percentage of the work completed to date.

How do you fill out a schedule of values?

What Should a Schedule of Values Include? Project name and number. Name of the prime or general contractor. Application number and date. Work item numbers. Description of work items. Total value of each item. Percentage of work completed. Value of work completed for past and current periods.

What is the primary purpose of a schedule of values?

The primary purpose of a schedule of values is to function as a start-to-finish document that outlines everything the project will entail. A well thought out schedule of values will serve as the backbone of a contractor's billing process and becomes an invaluable management tool for any type of contractor.

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Q: How do I create a schedule of values in Excel?

How do you fill a schedule of values? The item&#039;s number. ... Enter details of work. ... Enter the values. ... Fill in the details of work completed. ... Next, fill in the values of the current phase that is starting or ongoing. ... Stored materials for non-completed work. ... Fill in the total value of material stored for completed work.

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How do you fill a schedule of values? The item's number. ... Enter details of work. ... Enter the values. ... Fill in the details of work completed. ... Next, fill in the values of the current phase that is starting or ongoing. ... Stored materials for non-completed work. ... Fill in the total value of material stored for completed work.

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