Schedule of Values Template

What is a Schedule of Values Template?

A Schedule of Values Template is a document used in construction project management to break down the total contract value into individual tasks or work items. Each item is assigned a monetary value, allowing for clear and structured tracking of payments and work progress. The schedule of values construction template ensures transparency in billing, helps project owners understand the allocation of funds, and provides a detailed basis for payment requests.

Using a construction schedule of values template streamlines payment processes, reduces the likelihood of disputes, and helps contractors and stakeholders maintain alignment on financial progress. This SOV template is essential for maintaining clarity in financial tracking and ensuring that all stakeholders remain informed about the allocation and use of project funds.

How to Use the Schedule of Values Construction Template

This schedule of values construction template is designed to simplify the process of tracking project costs and payments. Follow these steps to use it effectively:

1. Download & Customize: Download the SOV template and tailor it to fit your project’s needs. Add project details, contractor information, and contract specifics, including the total contract amount.
2. Break Down the Work Scope: List all tasks or phases of the project. Each line item should represent a specific work component, such as excavation, foundation, framing, or finishes.
3. Assign Monetary Values: Allocate a portion of the total contract value to each task or phase. Ensure that the sum of all line items equals the total contract value. This step provides a clear understanding of how funds are distributed across the project.
4. Include Work Completed: Add columns to track work completed for each line item. Use percentage completion or dollar amounts to indicate progress, helping to support payment requests.
5. Document Retainage: If applicable, include a column for retainage—amounts held back until the project or phase is completed to satisfaction. This ensures quality and completion compliance.
6. Monitor Progress: Update the schedule of values template regularly to reflect completed work and payments made. Keeping the schedule current helps maintain transparency and ensures accurate financial tracking.
7. Submit for Approvals: Use the template to prepare and submit payment requests or invoices to project owners or stakeholders. Include supporting documentation, such as progress reports, to justify the amounts requested.
8. Review and Adjust: As the project evolves, review the schedule of values construction template for accuracy. Adjust values or tasks as necessary to reflect changes in scope or additional work.

Free Schedule of Values Template

If you need a reliable way to organize and track project payments, download our Schedule of Values Template. It includes:

• 1 x Schedule of Values Template Excel.

This fully customizable construction schedule of values template is available for download by filling out the form at the top of this page. It’s designed to help you structure payment schedules, track progress, and maintain transparency in financial management. With this SOV template, you can ensure that your project payments are well-documented and aligned with project progress.