Massachusetts Contractor's Schedule Sheet
Description
How to fill out Contractor's Schedule Sheet?
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FAQ
A Schedule of Values, or SOV, is a list of every work item on a project, along with each item's value or cost. This comprehensive work list represents the entire construction project and the entire contract price, from beginning to end.
A schedule of values is used as a management tool in pay application processing, and as a valuable tool in evaluating the progress of a project relative to the plan. Since cash flow is measured by the SOV, the timing of payments depend on how well the contractor put the SOV together.
At its most simple, a schedule of values is a start-to-finish list of work items on a project that represent the entire project from beginning to end and the entire contract price. The work items are broken down into their component parts with their corresponding values.
Why might an owner request a schedule of values submittal from the contractor before work is begun? A budget template established early on in the project against which progress payments are measured. The schedule summarizes the total project cost by the various divisions of work.
Who needs to use a Schedule of Values? A schedule of values is used by prime or general contractors, and second-tier subcontractors (those hired by the GC) to support their application for payment. Project owners and architects use the schedule of values to verify the work performed, and release payment.
Any individual or any company that solicits, bids on, or performs residential contracting as a contractor or subcontractor on an existing one- to four-unit, owner-occupied primary residence in Massachusetts must register as a home improvement contractor.
As used in many standard form contracts (such as the AIA series of documents), the primary purpose of preparing a schedule of values is to permit the owner or architect to determine what percentage of completion has been achieved for particular items of work in order to agree on progress payments.
A Schedule of Values is a document used by key stakeholders on a construction project, from general contractors and subcontractors, to property owners and construction managers, that lists out the value and cost of every billable work item on a step-by-step project timeline, and the percentage of the work that's been
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Here are the things that you should represent in rows on your spreadsheet:Item number.Description of work item.Estimated cost or scheduled value.Construction dates.Percentage completion.Retainer or deposit.First payment.Final balance due.
