The Schedule of Values (SOV) is a fundamental document used in contract administration to allocate the total contract price across defined components of the work. It acts as a financial framework for tracking progress, certifying payments, and maintaining cost control throughout a project’s lifecycle.
There are several SOV structures used in construction projects, each suited to a specific contract type and project delivery method. Understanding the differences ensures proper setup, billing accuracy, and alignment with stakeholder expectations.
1. Lump Sum Schedule of Values
This format is typically used in stipulated sum contracts where the scope is clearly defined upfront. The contract amount is divided into major work components or CSI divisions, with a fixed dollar value assigned to each. Progress payments are certified based on the percentage of work completed per line item.
Use Case: Design-bid-build projects with minimal anticipated design changes or variable conditions.
Key Features:
- Fixed pricing structure
- Simplified billing
- Limited flexibility for changes in scope
2. Unit Price Schedule of Values
Under unit price contracts, the SOV lists individual work items with associated unit costs (e.g., per cubic meter, per square foot). Payments are based on actual quantities installed or verified through site measurements and inspections.
Use Case: Civil, infrastructure, and horizontal construction projects where quantities may vary significantly.
Key Features:
- Quantity-driven valuation
- Suitable for projects with measurable, repeatable elements
- Allows for scalable billing
3. Construction Management (CM) Schedule of Values
Often used in Construction Management at Risk (CMAR) or Construction Management for Fee contracts, this SOV format breaks down the budget into cost categories such as General Conditions, Fee, Trade Contracts, and Allowances. It provides enhanced transparency for cost tracking and aligns well with open-book accounting practices.
Use Case: Large-scale or phased projects with multiple work packages and ongoing procurement.
Key Features:
- Granular cost categorization
- Supports phased billing and cost segregation
- Aligns with GMP and cost-plus contract structures
Integration with Contract Administration Platforms
RForm’s contract administration tools are designed to support all three SOV types with capabilities to:
- Import and manage SOVs via CSV templates
- Synchronize SOVs with Change Directives and Certificates for Payment
- Ensure compliance with contract payment workflows
- Facilitate multi-party collaboration and approval tracking
Whether you’re working under a traditional lump sum contract or managing a complex CM-at-Risk delivery, configuring your SOV correctly within RForm is critical to ensuring accurate, auditable, and timely payment processes.
Want to see it in action?
Join one of our upcoming technical webinars or request a custom demo to explore how RForm manages contract financial workflows with precision.
