This brief (2 1/2 minute) instructional video introduces how to put together a Schedule of Values for a construction project. It also demonstrates how to use this Schedule of Values to control the construction project budget. Even though it is likely review for many of you, it is a concise presentation, and useful summary.
Construction Project Budget: Schedule of Values
“Construction contracts for lump sum projects normally require that a cost breakdown of the project be submitted by the contractor to the owner or architect engineer for approval before submission of the first pay request. This cost breakdown also called a schedule of values serves as the basis for subsequent monthly pay requests.”