What Is a Schedule of Values (SOV)?
A Schedule of Values is an agreed allocation of the contract price across identifiable portions of work. It gives the reviewer a stable basis for measuring progress and gives you a structure to reuse on each payment application.
Updated October 7, 2026 · PayAppPro editorial team
A simple $100,000 SOV
| Item | Scope | Scheduled value |
|---|---|---|
| 01 | Mobilization and site setup | $5,000 |
| 02 | Rough-in work | $35,000 |
| 03 | Equipment and installation | $40,000 |
| 04 | Testing, turnover and closeout | $20,000 |
| Total | Approved contract scope | $100,000 |
Scheduled value is an allocation of the agreed selling price, not necessarily the contractor’s cost. If overhead and profit are included in the line values, the total should still equal the contract price; do not add them again in a separate line unless that is how the agreed structure works.
SOV, estimate, invoice and continuation sheet
- Estimate or bid: develops a proposed price and scope.
- SOV: allocates the agreed contract price for billing and review.
- Continuation sheet: adds previous work, current progress, stored materials and remaining balances to that structure.
- Invoice or payment request: asks for the amount due under the applicable process.
An approved $40,000 equipment line does not mean you can invoice $40,000 immediately. It is the ceiling for that line’s agreed scope; progress and billing eligibility still need support.
What makes the breakdown useful?
A reviewer should be able to identify the work behind each line. “Mechanical” may be too broad for a large phased job; hundreds of purchase-order lines may be too detailed. Choose items that your team can measure and your reviewer can recognize.
Keep meaningful completion work visible. If testing and turnover are buried in an almost-finished installation line, later billing becomes harder to explain. Follow any required cost-code or owner format, and obtain agreement before using the SOV for the first application.
Check it before the first pay application
- Every contracted scope appears once, with no omissions or duplicated allowances.
- The total equals the approved contract sum.
- Descriptions and item numbers are stable and recognizable.
- Values can be supported by the estimate and agreed allocation.
- The reviewer has accepted the required breakdown.
If a change is later authorized, identify the revised line or new change-order line and retain the revision history. Do not quietly redistribute value between unrelated scopes to make a current request fit.
Choose the next step
For construction steps and spreadsheet formulas, use how to create an SOV. For files to start from, use the download page. For recurring billing, read the three-period progress-billing example.
Those tasks are different: agreeing the allocation comes before reporting what has been earned against it.
Frequently asked questions
Does an SOV have to use an AIA form?
The required format comes from the contract. An SOV can exist independently; G703 is a continuation-sheet format that adds billing detail.
Can scheduled values change?
Yes, through the applicable approval process. Keep contract changes and allocation revisions traceable rather than overwriting the billing history.
PayAppPro provides AIA-style outputs, not licensed AIA Contract Documents. AIA®, G702® and G703® are trademarks of the American Institute of Architects. Confirm the required form and billing rules in your contract. Numerical examples are illustrative, not customer records.