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Schedule of values is a list of work items on a project corresponding with their value. The list of tasks with corresponding value represent the entire amount of a construction contract. Contractors utilize a schedule of values in conjunction with processing pay applications.
The Schedule of Values is a comprehensive list that breaks down the various components of a construction project along with their corresponding values. This document serves as a financial management tool, allowing contractors to track project costs and ensure that payments align with completed work. It provides a clear overview of the project's financial progress, helping stakeholders manage budgets and cash flow effectively.
An example of a schedule of values would be a breakdown of work items on a construction project, such as foundations, framing, and finishes, each with an assigned cost.
