What Is a Schedule of Values?
A schedule of values (SOV) is a breakdown of the total contract sum into individual, priced items or stages of work, set up at the start of a project so that each progress claim can be assessed against how much of that value has actually been completed. Rather than claiming an arbitrary percentage of the whole contract, the contractor and the assessor work from the same list of priced items, so what is being claimed each month is tied to real, measurable progress.
Key takeaways
- A schedule of values breaks the total contract sum into priced items or stages, giving both parties a common reference for what each part of the job is worth.
- Progress claims are assessed against the SOV — the percentage or quantity complete for each line item is multiplied by its value to calculate what is due.
- An SOV is usually set once at the start of a lump-sum contract, unlike a Bill of Quantities, which measures quantities the SOV values are often derived from.
- A well-structured SOV avoids front-loading, where early line items are priced above their real value to pull cash forward — something assessors specifically check for.
- Because it ties dollars to completed work, a clear SOV is one of the most effective ways to reduce disputes over progress claims.
What is a schedule of values?
A schedule of values takes the single lump-sum figure in a construction contract and splits it into a list of priced items or stages — such as site establishment, foundations, framing, roofing and fit-out — each carrying a dollar value that adds up to the total contract sum. It becomes the reference document the contractor and the client, or their superintendent, use throughout the job to work out how much of the contract value has actually been earned at any point in time.
An SOV is prepared early, usually before the first progress claim is due, and — once agreed — is not meant to change unless the contract sum itself changes through an approved variation. That stability is what makes it useful: every claim through the life of the job is measured against the same fixed reference.
In plain terms
A schedule of values is the contract price cut into slices — the whole job’s worth divided into stages, so a progress claim can say exactly which slices are done rather than guessing at an overall percentage.
How a schedule of values supports progress claims
Once the SOV is agreed, assessing a progress claim becomes a matter of checking actual progress against pre-agreed values rather than negotiating the value of the work from scratch every month.
- Each line item in the SOV carries a fixed value that forms part of the total contract sum.
- For each claim, the percentage or quantity of that item now complete is assessed and multiplied by its SOV value.
- Amounts already claimed in earlier progress claims are deducted, so each claim only bills the value added since the last one.
- Retention, if the contract allows for it, is deducted from the value claimed before arriving at the net amount due.
| Line item | SOV value | Complete to date | Claimed this month |
|---|---|---|---|
| Site establishment | $15,000 | 100% | $0 |
| Foundations | $60,000 | 100% | $0 |
| Framing | $85,000 | 70% | $25,500 |
Schedule of values vs Bill of Quantities
The two are often confused because both attach dollar figures to parts of a job, but they answer different questions and are used at different points in the process.
- A Bill of Quantities measures the work into detailed, quantified line items — so many square metres of tiling, so many cubic metres of concrete — priced at a unit rate, and is typically built during estimating and tendering.
- A schedule of values groups the contract sum into broader stages or trades for payment purposes, usually set once the contract is signed, specifically to support progress claims.
- On many jobs the SOV is derived directly from the priced BOQ, simply rolled up into fewer, higher-level line items that are easier to assess for monthly progress.
- A BOQ answers what the job costs, item by item; an SOV answers how much of the contract price has been earned so far.
How My Trade Hub helps with your schedule of values
My Trade Hub’s invoicing module builds a schedule of values directly from the same measured quantities and priced Bill of Quantities produced during estimating, so the stages you claim against are grounded in real, itemised figures rather than a number typed in after the fact. As work progresses, you record what has been completed against each line item, and the platform calculates the value earned, prior payments and the net amount due automatically.
Because the SOV traces back to the original tender, every progress claim comes with a defensible paper trail — useful for cash flow forecasting, and for responding quickly if a client or superintendent queries what is being claimed.
Frequently asked questions
What is a schedule of values in construction?
A schedule of values is a breakdown of a contract’s total sum into priced items or stages of work, used as the reference for assessing how much of the contract value has been completed when a progress claim is submitted.
How does a schedule of values differ from a Bill of Quantities?
A Bill of Quantities measures work into detailed, priced line items during estimating; a schedule of values groups the agreed contract sum into broader stages specifically to support progress claims, and is often derived from the BOQ.
What is front-loading in a schedule of values?
Front-loading is pricing early-stage items above their real value so the contractor receives more cash earlier in the job than the work actually justifies. Assessors routinely check SOVs for this before approving a claim.
Can the schedule of values change during a project?
Only when the contract sum itself changes, generally through an approved variation. Outside of that, the SOV is meant to stay fixed so every progress claim is measured against the same reference.
Does the schedule of values include retention?
The SOV itself sets out the value of each item, while retention is applied separately as a percentage deducted from the value claimed each time, in line with the contract terms.
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