Resources/Templates/Schedule of values
Free template
A schedule of values breaks your contract price into lines of work, so each pay request bills only what’s done. This Excel template works out % complete, retainage and the amount due, and the PDF prints ready to fill in by hand.
[Your company name] · Pay request # [Number]
What’s in it
Nineteen common lines from mobilization to closeout, with rough-in and finish split out, plus blank rows. Edit them to match your contract.
Previously completed, this period and stored materials add up to completed and stored to date, with % complete and what’s left to finish on every line.
One project rate, plus a column to set a different rate on any line. Retainage held is figured on work completed plus stored materials.
A separate section for signed change orders, deducts included, so the original contract stays easy to read.
Original contract, change orders, earned to date less retainage, earlier pay requests, the amount due now and what’s left to bill.
A line billed past its value turns red, and a column outside the print area gives you the numbers to start the next request.
How to fill it in
Schedule of values explained
A schedule of values (SOV) lists every part of the work with the dollar value assigned to it. The values add up to the contract price. You set it once, at the start of the job, and agree it with the owner or general contractor before the first pay request.
From then on it’s the yardstick for progress billing. Each period you report how much of each line is done, and the pay request bills that work, less what you’ve already billed and less any retainage. The reviewer checks your numbers line by line against the job site instead of arguing over one lump sum.
Made-up numbers for three lines of a larger job, with 10% retainage:
Retainage held is $5,400 (10% of $54,000), so $48,600 is earned after retainage. If earlier pay requests billed $27,000, this request is for $21,600. The Excel template does this math for you.
Putting extra value on early lines, called front-loading, gets you paid sooner, and reviewers look for it. Give each line its real share of the price, including overhead and profit. Split trades that come back twice, like plumbing rough-in and finish, so each visit can be billed when it’s done.
FAQ
Start from the contract price and break it into lines of work someone can check on site, such as foundation, framing and rough-ins. Give each line its real share of the price, including overhead and profit, make sure the lines add up to the contract price, and get the owner or general contractor to approve it before the first pay request.
They’re related. A draw schedule sets payments for stages of the job, like rough-in passed or cabinets installed. A schedule of values breaks the price into lines of work, and each pay request bills the percent of each line that’s done. Homeowner remodels often use a draw schedule; commercial jobs often use a schedule of values.
Materials delivered and stored for the job but not yet installed. Some contracts let you bill for them before they go in, often with proof of purchase and storage. Once they’re installed, they move into work completed. Check your contract before you bill for them.
Retainage held is the work completed and stored to date times the retainage rate in your contract. This template uses one project rate and lets you set a different rate on any line. Some states limit retainage, so check your state’s rules.
Only if your contract calls for it. G703 is AIA’s continuation sheet for pay applications. This template is similar in purpose, but it isn’t an AIA document and doesn’t use AIA wording. If the contract names AIA forms or the owner’s own pay application, use those.
Related
Percent complete, milestones and set schedules, with worked examples.
Read the guide →How retainage is figured, held and released, and why state rules matter.
Read the guide →Line totals, tax, payments received and balance due.
Get the template →See all free contractor templates
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