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How to fill out the Schedule Of Values Example online
Filling out the Schedule Of Values Example is an essential task for accurately representing your project's financial breakdown. This guide will provide you with clear, step-by-step instructions to effectively complete the form online.
Follow the steps to fill out your Schedule Of Values Example.
- Click ‘Get Form’ button to obtain the form and open it in the editor.
- Begin by entering the application number in the designated field. This is a unique identifier for your application.
- Enter the application date, ensuring it reflects the current submission date for accurate tracking.
- Fill in the 'Period To' field, specifying the time frame this application covers.
- Input the project name and project number, which will help to identify the project related to this schedule of values.
- In section A, describe the scope of work being performed. Include labor, overhead, and profit information in the relevant fields.
- List materials and subcontractors in their respective fields. For materials, include all vendors you have committed to in the project.
- In section B, fill out the cost codes as necessary for each subcontract and general conditions.
- Next, in section C, provide the scheduled value for each item under the 'SCHEDULED VALUE' column.
- Complete sections D, E, F, and G by entering the amounts for work completed and materials presently stored during the current application period.
- Calculate the total completed and stored values and enter them in section G.
- Determine the balance to finish, which is the difference between the scheduled value and total completed value. Fill in section H accordingly.
- If applicable, specify the retainage amount in section I. Make sure to use the correct variable rate when necessary.
- Review all entered data for accuracy before submitting. Make any necessary adjustments.
- Finally, save your changes, and choose to download, print, or share your completed form as needed.
Start filling out your Schedule Of Values Example online today to ensure your project documentation is complete and accurate.
A SOV in construction refers to the schedule of values, which serves as a key financial tool for managing project costs. It includes all line items related to the project's budget, ensuring that payments are made accurately based on completed work. By reviewing a 'Schedule Of Values Example', construction professionals can ensure that their projects remain on track financially, fostering better collaboration with clients.
Fill Schedule Of Values Example
The total amount represents the payment amount due to the contractor upon completion. The schedule of values is an itemized list of all the project activities. This example shows a typical Schedule of Values used on a construction project. For example, in a construction contract, a schedule of values would list each part of the construction process (e.g. Here's an example of what a filled-out schedule of values can look like. Source: The Constructor. A schedule of values is an itemized list that allocates the entire contract sum to the various portions of the work. A Schedule of Values (SOV) is a document used in the construction industry to provide an itemized list of a job's billable work. Components: work lists, completion percentages, remaining balances, retainage, contingencies. Schedule of Values Example​​ The following is an example of a simple schedule of values structure.
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