Schedule of values (SOV)
A schedule of values breaks the contract price into line items so progress billing can be tied to the portion of each item that's complete.
The SOV lists each major scope item and its value; the total equals the contract amount. On each progress invoice you bill the percent complete of each line. It's the backbone of AIA-style billing on larger jobs.
Related terms
- Progress billing — Progress billing is invoicing for a job in installments as work is completed, rather than one lump sum at the end.
- Draw schedule — A draw schedule sets the milestones at which a contractor can bill for (draw) payment on a job — e.g. at rough-in, drywall, and completion.
- Change order — A change order is a written modification to the original contract scope or price — added work, a selection upgrade, or a condition discovered on site.