What a schedule of values is
A schedule of values splits a contract sum into parts of the work, each with its own value. Each pay period you fill in what was finished and what materials are stored on site, and the schedule shows how much of each line is earned. It is the backbone of a progress payment application.
The columns, and how each is worked out
| Column | What it is |
|---|---|
| Scheduled value | The part of the contract sum for this line. All lines add up to the contract. |
| Done before | Work billed on earlier applications. |
| Done this period | Work finished since the last application. |
| Materials stored | Materials bought and stored for the job but not yet installed, if the contract allows billing for them. |
| Done and stored | Done before plus this period plus stored. |
| % done | Done and stored divided by the scheduled value. |
| Left to finish | Scheduled value less done and stored. |
| Retainage | Done and stored times the retainage rate you enter. |
Making it easy to approve
- Split the work the way it will be built, so progress is easy to see on site.
- Do not load the early lines with extra value to get paid sooner; reviewers look for it.
- Keep change orders as their own lines rather than changing the original values.
- Back stored materials with invoices and, where required, proof of insurance and storage.
More free templates
- Construction Bid: Package, lines, overhead and profit, inclusions and exclusions.
- Subcontractor Agreement: Scope, price, dates, retainage, insurance and payment.
- Submittal: Spec section, items, attachments, answer-by date and review action.
- Material Take-off: Measured quantity, waste, order quantity and cost.
- WIP Schedule: Percent complete, earned revenue and over or under billing.
- Timesheet: Hours worked out per day, the week's total and hours over 40.
- Expense Tracker: Every expense with its job and category, totalled.
- Job Sheet: Times, tasks and parts, what was found and signatures.
- Every template, including estimates, invoices and proposals for 35 trades.