Schedule of Values Calculator

Frequently Asked Questions

What is a schedule of values in construction?

A schedule of values (SOV) breaks the total contract sum into individual line items, each assigned a dollar value, so progress can be billed against measurable components instead of the contract as a whole. It is submitted for approval at the start of the job and then becomes the billing baseline for every pay application. On AIA contracts the SOV lives on form G703, the continuation sheet that supports the G702 payment application. The sum of all line items must equal the contract sum exactly.

What is the difference between AIA G702 and G703?

G702 is the one-page Application and Certificate for Payment — the summary that shows the contract sum, total completed and stored to date, retainage, previous payments, and the current payment due, signed and notarized. G703 is the Continuation Sheet: the line-by-line schedule of values behind that summary, showing scheduled value, work completed this period and previously, materials presently stored, percentage complete, and balance to finish for each item. G702 is the cover; G703 is the detail that proves it.

How do you calculate the current payment due on a pay application?

Total the work completed to date across all line items, add materials presently stored on site, subtract retainage at the contract rate, then subtract everything already certified on previous applications. The remainder is the current payment due. The order matters: retainage is withheld from the cumulative earned amount, not from the current period's work alone, which is why a period with little progress can still produce a payment once retainage steps down.

Is retainage withheld on stored materials?

It depends on the contract, and it is worth checking before submitting. Many contracts withhold retainage on both installed work and stored materials, some exclude stored materials from retainage entirely, and some refuse stored materials in a pay application altogether unless they are on site, insured, and supported by paid invoices or bills of sale. Because the treatment varies, this calculator lets you apply retainage to stored materials or exclude them so you can model either structure.

Why does front-loading a schedule of values cause problems?

Front-loading means assigning inflated values to early line items such as mobilization or submittals so cash arrives sooner. Owners and their construction lenders look for it specifically, and the consequences are real: the SOV gets rejected and the whole first application is delayed, or it is approved and you spend the back half of the job performing work you have already been paid for, with no money left to finish. A defensible SOV that gets approved the first time usually beats an aggressive one that triggers a round of revisions.

How detailed should a schedule of values be?

Detailed enough that percentage complete is defensible, and no more. Too few lines and you end up arguing about whether a large lump item is 40% or 60% done, which is exactly the dispute that delays payment. Too many and every application becomes an accounting exercise and small errors multiply. Breaking the work along the way it is actually installed — by system, phase, floor, or area — gives you line items whose progress someone can walk out and verify, which is the real test.

Can you change the schedule of values after it is approved?

Generally only through a change order. The approved SOV is the billing baseline, so moving value between line items after approval usually requires the architect's or owner's consent and often looks like an attempt to accelerate cash. Approved change orders are the legitimate mechanism: they add new lines or adjust existing values, and the revised contract sum flows through to the next application. This is why change orders left unprocessed are so damaging — the work is done but there is no approved line to bill it against.

What is the balance to finish on a G703?

The balance to finish is the scheduled value of a line item minus everything completed and stored to date — the dollar value of work remaining on that line. It is the column owners and lenders read most closely, because comparing it against remaining time is the fastest way to spot a job that is billing faster than it is building. If your balance to finish is small while significant physical work remains, expect questions on the next application.