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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.

What should be included in a construction schedule?

A construction schedule is a timeline for a building project that construction managers use to determine the order and duration of construction activities. Construction schedules also track milestones, deliverables, and dependencies to help ensure projects stay on schedule and on budget.

What are the 4 steps to creating a project schedule?

How to Build a Solid Project Timeline in 4 Steps Step 1: Identify Your Project Goal with a Scope Statement. ... Step 2: Create a Work Breakdown Structure. ... Step 3: Identify the Tasks Involved for Completing Each Goal Listed in Your WBS. ... Step 4: Create Your Timeline.

What is a construction progress schedule?

Construction Progress Schedule means the schedule for performance of the Contract; showing the time for completing the Work within the Contract Times; the planned sequence for performing the various components of the Work; and the interrelationship between the activities of the Contractor, A/E, and Owner; as ...

What is the primary purpose of a schedule of values?

A schedule of values is a comprehensive list of the work that needs to get done on a construction job, and it shows the payment values attributed to each item. This document explains each step of a contract in chronological order \u2014 S.O.V. is a common name for this itemized list.

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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.

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 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.

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 format is SOV?

A schedule of values (SOV) is a comprehensive document listing the cost of each work item and the amount of work completed for a construction project.

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