Schedule of Values (SOV)

A line-item breakdown of the contract sum — how each piece of the work is priced for billing purposes.

The schedule of values is the spreadsheet behind progress billing. Each row is a piece of the work (mobilization, site prep, framing, electrical rough-in, etc.) with a dollar value. Each progress bill shows percent complete and dollars earned on every line.

On commercial work it's required up-front so the owner can verify each progress bill matches actual work in place.

Related

• Progress Billing — Invoicing in stages as work is completed, instead of billing only at the end of the job.
• Draw Schedule — A pre-agreed payment schedule for a construction project, tied to milestones or percentage of completion.
• Compare contractor CRMs — FieldKrew against Jobber, Housecall Pro and ServiceTitan
• Retainage — A percentage of each progress payment (typically 5-10%) that the owner or GC withholds until the job is fully complete and accepted.
• Deposit — An up-front payment collected when a contract is signed, typically 10-30% of the contract value.