What is Schedule of Values

 Schedule of Values is a detailed statement of progress payments in construction industry. It defines how the entire contract sum is allocated among the various portions of the work. The purpose of a schedule of values is to enable the owner or architect to determine what percentage of construction completion has been achieved for particular items of work (as every step in building process is tied up to certain sum). Contractors consider a schedule of values as a tool to get paid progressively for work they accomplish, especially on projects with multiple billings (this schedule is utilized as the basis for submitting and reviewing progress payments, so the customer bills monthly for reasonable percentage of actually completed work). Schedule of values can be composed by filling a standard form provided by national associations of contractors, but a lot of commercial contractors use their own templates.

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