What is a schedule of values?

A schedule of values is a document that outlines the various components of a construction project and assigns a monetary value to each component. It is an essential tool in the construction industry, as it helps project owners and contractors to track progress, budget, and cash flow.

The schedule of values typically includes line items such as labor, materials, equipment, and overhead costs. Each component is assigned a value based on the estimated or actual cost of the work that is expected to be completed during the project.

The schedule of values is usually broken down into several sections, each representing a specific phase of the project. For instance, the schedule might include a section for the initial design and planning phase, a section for the construction phase, and a section for the post-construction phase.

The schedule of values is used to determine the amount of money that the contractor is entitled to receive for completed work. As the project progresses, the contractor submits invoices or applications for payment, which must be approved by the owner or architect before payment is made.

Overall, the schedule of values is a valuable tool that helps to ensure that construction projects are completed on time, within budget, and to the desired specifications.