Schedule of Values
Schedule of Values – a detailed schedule allocating the original contract sum and all change orders among the various portions of the work. A schedule of values (SOV) provides both the customer and the contractor with an organized perspective of what tasks are required to complete a project and in what order those tasks are expected to be completed. An SOV is so called because it organizes the different values of each task. An SOV creates more transparency in the completion of the project, so that the customer and contractor have the same access to the SOV, and no information falls hidden or misunderstood. Once a project is completed, the SOV can help determine how much money was estimated to be spent on each task and how much money was actually spent.
On contract billing jobs requiring an SOV, the SOV is the responsibility of the salesperson.