How do you fill out a schedule of values?
However, the general format to expect will include columns with the following details:
- The description of each item of work.
- The total cost for each item.
- What you’ve been paid to date on the work, from prior billing periods.
- The percentage of the work that’s been completed.
- Your costs for the current billing period.
What is included in the schedule of values?
A Schedule of Values, or SOV, is a list of every work item on a project, along with each item’s value or cost. This comprehensive work list represents the entire construction project and the entire contract price, from beginning to end.
What is the purpose of a schedule of values?
As used in many standard form contracts (such as the AIA series of documents), the primary purpose of preparing a schedule of values is to permit the owner or architect to determine what percentage of completion has been achieved for particular items of work in order to agree on progress payments.
What is a valuation schedule?
A valuation schedule is a schedule that proALPHA uses to valuate the stock quantities and works in process of self-produced parts. You can map these objectives, for example, through specific selection of cost items whose costs are to be included in a valuation schedule.
What is AIA Document G703?
AIA Document G702®–1992, Application and Certificate for Payment, and G703®–1992, Continuation Sheet, provide convenient and complete forms on which the contractor can apply for payment and the architect can certify that payment is due.
How does Retainage work?
Retainage is the withholding of a portion of the funds that are due to a contractor or subcontractor until the construction project is finished. It is meant to serve as a financial incentive and an assurance that the contractor will complete the project in a satisfactory manner.
What are the JCT valuation rules?
The valuation rules are a reference to JCT Clauses 5.6 to 5.10 in which it is set out how to value variations and what criteria is used to differentiate between the assessments.
What is the interim valuation date?
The Interim Valuation Date is the nearest business day in the month to the date stated. This means the payment cycle is likely to hop around depending on which day it falls upon and will need to be carefully tracked by both the employer’s and contractor’s teams.
When should you bill for retainage?
What Is Retainage? Also called “retention,” retainage is a percentage of a contract, often 5-10%, that can’t be billed until the entire project is complete and the client has approved the work. Its purpose is to give the client recourse if they aren’t satisfied with the work.
