Discover SOV in construction, why it’s essential for project billing, and how it ensures transparency and smooth payment processes.
Understanding the Schedule of Values in Construction
Understanding the Schedule of Values (SOV) in construction is essential for contractors, project managers, and stakeholders to ensure smooth project execution and transparent payment processes.
A Schedule of Values is a detailed document that breaks down the entire construction project into specific work items, assigning a cost to each. It serves as a critical financial roadmap, helping owners track progress, verify completed work, and release payments fairly. By clearly outlining the value of each phase or activity, the SOV minimizes disputes, enhances accountability, and keeps both budgeting and billing in check.
Whether you’re new to construction or managing large-scale projects, gaining a clear understanding of the Schedule of Values can help you streamline financial management, improve communication, and maintain trust among all parties involved.