Schedule of values
A schedule of values (SOV) is a breakdown of the contract price into line items, such as site work, framing, roofing and finishes, each with a dollar value. Agreed before the first bill, it becomes the yardstick for every progress payment.
Updated November 9, 2026 · 1 min read
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How it's used
Each pay application reports the percent complete on every line and bills that share of its value, less retainage. Many commercial jobs use the AIA G703 continuation sheet for this. Federal construction contracts likewise require an itemization of the amounts requested with each progress payment request.
| Line | Value | Complete | Earned |
|---|---|---|---|
| Demolition | $12,000 | 100% | $12,000 |
| Framing | $48,000 | 60% | $28,800 |
| Roofing | $30,000 | 0% | $0 |
Why it matters
Owners and lenders review it closely. Front-loading, putting too much value on early lines, gets a contractor paid ahead of the work and leaves too little money for the finish. Values set too low leave the contractor financing the job. Approved change orders are usually added as new lines.
SignMaster has no SOV builder. Attach your schedule to the contract as an exhibit and add an initials field on it, so the owner agrees to the numbers when they sign. The change order form asks for each change's effect on progress payments.