What is a schedule of values?
A schedule of values, or SOV, is the contractor’s breakdown of the contract sum into line items of work, each with a dollar value. Added together, the lines equal the contract sum to the cent. The owner or architect approves it at the start of the job, and every pay application after that bills a percentage of each line.
It answers two questions for the owner: what is each part of the work worth, and how much of it is done. Under the AIA A201 general conditions (§9.2), the contractor must “submit a schedule of values to the Architect before the first Application for Payment,” and the architect uses it to review each application. Other contract forms use different words, but most work the same way.
What is in the free schedule of values template
One Excel file (.xlsx) with three tabs. Opens in Excel, Google Sheets and Numbers. No sign-up and no email address.
- Schedule of values tab: 40 blank lines with item number, CSI division, description, labor, material, scheduled value and % of contract. Scheduled value and percent calculate.
- Contract check: enter the original contract sum at the top. A difference cell turns red until your lines add up to it exactly, the first thing a reviewer checks.
- Example tab: the $412,000 tenant improvement below, filled in.
- How to use tab: the steps on this page, in short.
When the SOV is approved, its lines become columns B and C of the pay application template, which tracks billing against them every month.
Schedule of values example: a $412,000 tenant improvement
A general contractor’s SOV for a fictional office fit-out. Lines follow CSI divisions, general conditions and closeout bill as their own lines, and every line is something an architect can check on a site walk.
| Item | CSI division | Description of work | Scheduled value | % of contract |
|---|---|---|---|---|
| 1 | 01 | General conditions | $21,500 | 5.2% |
| 2 | 01 | Mobilization | $4,000 | 1.0% |
| 3 | 01 | Bonds and insurance | $6,200 | 1.5% |
| 4 | 02 | Selective demolition | $16,000 | 3.9% |
| 5 | 03 | Slab infill and patching | $9,500 | 2.3% |
| 6 | 05 | Miscellaneous metals | $7,500 | 1.8% |
| 7 | 06 | Millwork and casework | $30,000 | 7.3% |
| 8 | 08 | Doors, frames and hardware | $26,500 | 6.4% |
| 9 | 09 | Drywall and framing | $62,000 | 15.0% |
| 10 | 09 | Acoustical ceilings | $24,000 | 5.8% |
| 11 | 09 | Flooring | $26,000 | 6.3% |
| 12 | 09 | Painting | $18,000 | 4.4% |
| 13 | 21 | Fire sprinkler modifications | $14,000 | 3.4% |
| 14 | 22 | Plumbing | $26,000 | 6.3% |
| 15 | 23 | HVAC | $59,000 | 14.3% |
| 16 | 26 | Electrical | $55,000 | 13.3% |
| 17 | 01 | Closeout and punch list | $6,800 | 1.7% |
| Contract sum | $412,000 | 100.0% |
Fictional example: $412,000 office tenant improvement. The Example tab of the download has the same lines with labor and material split.
How to build a schedule of values that gets approved
- Start from your estimate, not from the contract sum. Your estimate already holds the cost of each trade. The SOV regroups those costs into billable lines.
- Place overhead and profit. Spread them across the work lines, or show them as their own lines if the contract or architect asks for that. Either way, the total must equal the contract sum.
- Split by CSI division, then by area. On a larger job, break big lines down by floor, building or phase, so each line finishes in weeks, not months.
- Split labor and material on material-heavy lines. Millwork, doors and hardware, and equipment are often bought and stored long before they are installed. A separate material value makes stored material easy to bill and easy to check.
- Keep general conditions, mobilization, bonds and closeout as their own lines. They bill as the job runs, not when a trade finishes.
- Match your subcontracts. If each line matches a subcontract or a sub’s own SOV, the subs’ monthly pay applications roll straight into yours.
- Check the total. The template’s difference cell must read $0.00.
- Submit it before the first pay application and get the approval in writing. Then copy the lines into the pay application.
No estimate to start from? Bidmere builds the cost breakdown from your plans: an Excel estimate with live formulas, labor and material shown separately on request. Full GC estimates from $1,150, single-trade estimates from $195 in 48 hours. Get a fixed quote.
How detailed should the line items be?
Detailed enough that the owner can judge each line’s percent complete on a walk-through; not so detailed that billing takes a day. Some practical tests:
- Can it be seen? “Drywall, level 2” can be checked on site. “Interior finishes” cannot.
- Does it finish? A line that runs from the first week to the last is hard to bill fairly. Split it by floor or phase.
- Is the value about right? Each line should carry what that work really costs, including its share of markup, so the percent billed matches the work done.
- Subcontractors: one line per scope in the subcontract, often split into labor and material, is usually enough.
Front-loading: why owners push back
Front-loading means putting inflated values on the lines that are finished early, such as mobilization, demolition or sitework, and less on the late ones. The contractor gets paid ahead of the work. The Construction Specifications Institute calls it “front-end loading.”
Architects and owners look for it because it leaves them paying more than the work is worth, with less money left to finish if something goes wrong. An SOV that looks front-loaded gets sent back, and every pay application after it gets read more closely. Honest ways to improve cash flow: bill bonds, insurance and mobilization as their own lines, and bill materials stored on site (column F of the pay application) when the contract allows it.
How the SOV drives the pay application
On the AIA forms, the schedule of values lives on the G703 continuation sheet. AIA itself says it “does not publish a standard schedule of values form”; the G703 breaks the contract sum into portions of work following the contractor’s SOV. Each period you fill in, line by line:
| Column | What goes in it |
|---|---|
| B, C | Description of work and scheduled value, straight from the approved SOV |
| D | Work completed on previous applications |
| E | Work completed this period |
| F | Materials presently stored, not yet in D or E |
| G | Total completed and stored to date (D + E + F) |
| %, H, I | Percent complete (G / C), balance to finish (C − G) and retainage |
The free pay application template has these columns with the formulas built in, plus the summary page that totals them into the payment due.
Change orders and the schedule of values
Do not edit the original values when a change order is approved. Add each approved change order as its own line at the bottom, with its own value. The contract sum to date becomes the original contract sum plus the net change orders, and the SOV total must match it. Moving money between existing lines usually needs the owner’s or architect’s approval. For pricing the change itself, see construction change order pricing.
Schedule of values on federal and public jobs
On federal fixed-price construction, FAR 52.232-5 requires each payment request to include “an itemization of the amounts requested” tied to the elements of work, and contracting officers usually ask for an SOV to supply it. The same clause lets the contracting officer retain at most 10 percent of a payment until progress is satisfactory. Under FAR 52.232-27, a progress payment is due 14 days after the billing office receives a proper payment request.
State and local owners often issue their own SOV or pay request form. If they do, use theirs and keep this template as your working copy.
Schedule of values vs estimate vs budget
| Document | Who makes it | What it is for |
|---|---|---|
| Estimate | Contractor, before bidding | Builds up the cost: quantities, labor, material, equipment, subs, markup. Internal. |
| Schedule of values | Contractor, after award | Splits the agreed contract sum into billable lines. Shared with the owner and used every month. |
| Budget | Owner or design team, early | Sets what the project should cost before there is a price. See types of construction estimates. |
Need the cost breakdown behind your SOV?
A schedule of values is only as good as the estimate under it. Send your plans: Bidmere returns measured quantities and costs priced at your rates, in Excel with live formulas. Single-trade estimates from $195 in 48 hours; full GC estimates from $1,150. You get a fixed quote within 2 business hours and pay only after you accept.
Frequently asked questions
What is a schedule of values in construction?
A schedule of values is the contractor’s breakdown of the contract sum into line items of work, each with a dollar value. The lines add up to the contract sum. The owner or architect approves it before the first pay application, and each application bills a percentage of each line.
Who prepares the schedule of values?
The contractor. A general contractor prepares one for the owner, and each subcontractor usually prepares one for the general contractor. The architect or owner reviews and approves it.
When is the schedule of values submitted?
Before the first pay application. The AIA A201 general conditions (§9.2) require the contractor to submit it to the architect before the first Application for Payment. Other contracts set their own timing, so check yours.
Is there an AIA schedule of values form?
No. AIA says it does not publish a standard schedule of values form. Contractors list the SOV on the G703 continuation sheet or on a separate sheet such as this free template, then carry the lines into the pay application.
What is the difference between a schedule of values and a G703?
The schedule of values is the list of work lines and their values, set once and changed only by change orders. The G703 continuation sheet uses those lines to track billing every period: work completed before, this period, stored materials, percent complete, balance and retainage.
How many line items should a schedule of values have?
Enough that each line can be judged complete on a site walk, and few enough that billing stays quick. Split big lines by floor, building or phase, and keep general conditions, mobilization, bonds and closeout as their own lines.
What is front-loading a schedule of values?
Front-loading means overstating the value of work done early in the job, such as mobilization or demolition, so the contractor is paid ahead of the work. Owners and architects look for it and can reject the schedule.
Can the schedule of values change after it is approved?
Approved change orders are added as new lines, and the contract sum to date changes with them. Moving value between existing lines usually needs the owner’s or architect’s approval.
Does the schedule of values template work in Google Sheets?
Yes. The formulas use SUM and IF, which work the same in Excel, Google Sheets and Numbers. Upload the file to Google Drive and open it with Google Sheets.
Can Bidmere prepare the estimate behind my schedule of values?
Yes. Bidmere prepares estimates from your plans, priced at your rates, in Excel with live formulas and labor and material shown separately on request. Single-trade estimates are from $195 in 48 hours; full GC estimates from $1,150. You get a fixed quote within 2 business hours.
Link to this template
Teaching estimating, running a trade association or keeping a resources page for contractors? You are welcome to link to this free template. Copy the link below into your page’s HTML.