What is a schedule of values and how do I build one?
Last reviewed July 5, 2026
A schedule of values is a detailed breakdown of the contract sum allocated to different aspects of the work. To build one, list all major tasks, assign a specific dollar value to each, and ensure the total equals the contract amount. This helps with payment applications and tracking progress.
Key points
- Breaks down the total contract amount.
- Assigns dollar values to each task or component.
- Used for pay applications and progress tracking.
Creating a schedule of values starts with reviewing the contract and identifying each major work item. Break these down into smaller tasks if needed, and assign values that reflect the work's cost. Make sure the total adds up to the contract sum. This document is critical for getting paid as you complete work, as it ties directly to your pay apps.
How Alloovium helps
Alloovium can assist in structuring and organizing your schedule of values, making it easier to track and manage your payment applications.
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General information for US construction professionals — not legal advice. Lien deadlines, retainage caps and notice rules vary by state; verify with the state statute or a construction attorney.