Schedule of values: what it is and how to build one
A schedule of values (SOV) splits the contract sum into line items, each with a dollar value. Every month you bill a percentage of each line, so the SOV becomes the continuation sheet (columns A–C of the G703 layout).
Building it
- Start from your estimate and group costs into lines the GC can verify: by trade, phase, floor or area.
- Give mobilization, general conditions, bonds and insurance their own lines.
- Split large equipment into material and labor lines so you can bill stored materials before installation.
- Make sure the lines total the contract sum exactly.
- Number the lines and keep the numbers fixed for the whole job.
Change orders
Add each approved change order as a new line (for example CO-1 — Added exam room sinks) with its own value. Don't change the original lines; line 1 of the application stays the original contract sum, and change orders appear on line 2.
Front-loading
Putting too much value in early lines brings cash in sooner, but GCs, owners and lenders look for it and may reject the SOV. Keep values realistic.
Get the free SOV template, or import your GC's SOV straight into Drawsheet.
Last reviewed 2026-10-27. General information, not legal or accounting advice — your contract and state law decide retainage, stored-materials and change-order rules.