Schedule of Values
A detailed breakdown of contract value by work item, used as the basis for progress billing.
A Schedule of Values (SOV) is a comprehensive list of all work items in a construction contract, each assigned a dollar value that together sum to the total contract amount. The SOV serves as the framework for monthly progress billing on AIA G703 continuation sheets.
A well-structured SOV should have enough detail to enable meaningful progress tracking but not so much granularity that it becomes unmanageable. SOV line items should align with the project's cost codes and work breakdown structure.