Schedule of values

A schedule of values divides a construction contract sum into line items, typically by trade, system or phase, each with a dollar value. It is submitted near the start of the job for approval and then used for the life of the project: each pay application reports the percentage complete on every line, and the total completed value, less previous billings and retainage, is the amount requested.

Because the values set up front limit what can be billed later, the schedule is a cash-flow document. Separate lines for early costs such as mobilization and bonds, for stored materials and for work that finishes early let the contractor recover spending sooner. Reviewers watch for inflated early values, so each line should map to a real cost.