A line-item breakdown of the total contract price used to calculate monthly payment applications.
The Schedule of Values is a document prepared by the contractor and approved by the owner and architect that allocates the total contract sum among the major components of work, forming the basis for monthly progress billing. Each line item in the SOV represents a discrete scope of work and has an associated dollar value; as each component is completed, the contractor invoices for the percentage complete against that line item. A front-loaded SOV overstates early work items to collect cash sooner, which owners and architects scrutinize during review.
The GC submits a 45-line SOV totaling $8.2 million for the architect's approval before the first pay application is submitted.
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