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What is a schedule of values form in construction?

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.

What does a schedule of values cover?

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.

What is SOV billing?

Billing against a schedule of values (SOV) is standard procedure for large, commercial contractors, but is often misunderstood and infrequently used by residential remodelers. Many small businesses fail, often from a lack of cash flow. Implementing an SOV as a contractual and management tool can help.

How do you fill out a schedule of value in construction?

How To Fill Out and Submit an SOV 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 a SOV document?

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.

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What does SOV stand for in construction?

Of all the documents involved in a construction project, the Schedule of Values (SOV) is key for tracking the progress of your work as a contractor, getting paid on time, and (perhaps most importantly) managing your cash flow \u2014 especially on larger commercial construction projects.

How do I edit SOV in Textura?

You can also edit your SoV by clicking \u201cEdit Schedule of Values\u201d from the SOV/Subcontracts dropdown menu on the blue navigation bar. a. Textura automatically allocates your entire contract value to 1 single line item. If 1 line item is okay click \u201cSave Changes.\u201d b.

Who creates the schedule of values in construction?

Prior to beginning a construction project, the prime general contractor or sometimes a second-tier subcontractor (who's hired directly by the general contractor) creates the Schedule of Values by assigning a dollar amount to every item of work they need to do, and in what phase of the project, in order to get the job ...

What is project SOV?