A cost breakdown of the contract that shows how much each portion of the work is worth, used for billing.
A schedule of values (SOV) is a detailed breakdown of the contract sum into individual line items representing the cost of specific work scopes, materials, or project phases, used as the basis for calculating and processing monthly progress payment applications. The SOV is prepared by the contractor and approved by the owner and architect before the first payment application. It must reflect the actual cost distribution to prevent front-loading.
The owner's representative reviewed the schedule of values and required the contractor to redistribute mobilization costs from 15% to 5% because it constituted improper front-loading.
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