What is schedule of values?

Schedule of Values (SOV) is a document that outlines the list of values assigned to each item or task in a construction project. It is meant to be used by the contractor to identify and calculate the amount of work that has been done and to track progress throughout the project. Typically, SOV includes a detailed breakdown of labor, materials, equipment, and other expenses associated with each item in the project. These values are typically based on specific contracts, bids, and other agreements related to the project.

The SOV is an important document for both contractors and property owners. It helps ensure that work is completed in a timely manner and that all parties involved in the project are paid fairly. Additionally, an accurate SOV can be used to manage cash flow and to identify potential issues that may arise during the construction process. Overall, having a well-structured SOV is essential to the success of any construction project.