A schedule of values that bills cleanly every month.
The schedule of values splits the contract into line items you bill against each month. This workbook carries scheduled value, previous applications, this period, stored materials, percent complete, balance and retainage, and rolls them into a payment summary.
- Continuation-sheet columns
- Stored materials
- Retainage
- Payment summary
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Example values are placeholders. Replace them with your own rates, units and company details.
| Item | Description | Scheduled value | Previous | This period | Stored | % complete |
|---|---|---|---|---|---|---|
| 3 | Framing and drywall (example) | $86,000 | $30,000 | $25,000 | $4,000 | 68.6% |
| 6 | Flooring (example) | $33,500 | $0 | $0 | $12,000 | 35.8% |
Files open in Excel, Google Sheets, Numbers, Word or Google Docs.
What is a schedule of values?
Schedule of values (SOV): a breakdown of the contract sum into line items, each with a dollar value, used to measure progress and calculate each monthly payment.
The SOV is usually submitted right after award and approved by the owner or GC before the first pay application. Each month you report how much of each line is complete, plus materials stored on site, and the payment is calculated from that.
Lines should match how the work is actually built and inspected. A line that is too big ("Interior finishes: $400,000") is hard to verify and slows payment. Lines that follow areas or phases are easier to approve.
SOV habits that help.
- Split large lines. By area, floor or phase, so progress is easy to verify.
- Avoid front-loading. Reviewers notice early lines priced high relative to the work.
- Stored materials documented. Invoices and photos for anything billed as stored.
- Change orders as new lines. Keep the original contract lines intact.
A template organizes the numbers. RenderDraw fills them from the drawings.
RenderDraw keeps approved quantities and pricing tied to the drawings, so the estimate behind your schedule of values is easy to trace when the owner asks how a line was priced.
- Source on every row. Each proposed quantity keeps the sheet and location it came from.
- Estimator approval before pricing. Your estimator accepts, corrects or rejects proposals; nothing is priced until it is approved.
- Addenda through the same review. Changed sheets go back through takeoff and estimator review.
- Your assemblies, your rates. Approved rows hand off to your assemblies, labor units and pricing inputs.
Schedule of values template, answered.
What is a schedule of values in construction?
A list of the work broken into line items, each with a scheduled dollar value that adds up to the contract sum. It is the basis for monthly progress billing.
How do you calculate percent complete?
Work completed to date plus materials stored, divided by the scheduled value for that line.
How is retainage calculated?
As a percentage of completed and stored work, set by the contract (often 5-10%). It is held back until a milestone or final completion.
Is this an AIA G702/G703 form?
No. It follows a similar continuation-sheet layout so it is familiar, but it is not an AIA document. Use the form your contract requires.
How should change orders appear on a schedule of values?
Add approved change orders as new lines, or show them in the net change orders total, without changing the original contract lines.
Send one plan set. Judge the result yourself.
A focused, no-obligation evaluation on your own drawings. Your sample files remain private while we assess the request.
- Upload one representative plan set (a legible PDF set is the most reliable starting point), plus an addendum if you have one.
- RenderDraw reviews the set and the scope you want tested.
- We follow up with what was extracted, what was flagged for review, and the most useful next step.