Schedule of Values
The contract price broken into line items used for progress billing.
What it means
A schedule of values (SOV) divides the total contract price into line items — sitework, framing, roofing, and so on — each with its own dollar value. Progress payments are then billed as a percent complete against each line. The SOV is usually submitted for approval at the start of the job and becomes the backbone of every pay application.
Why it matters before you sign
How the values are spread across line items controls how early money flows — a front-loaded or lopsided SOV is a payment dispute waiting to happen, so both sides should sanity-check it up front.
In a contract, it looks like this
The approved schedule of values assigned $42,000 to foundations, letting the contractor bill 80% of that line once the slab was poured.
This definition is a general, educational explanation — not legal advice. XOsign provides AI-assisted document tools and does not provide legal advice; consider consulting a qualified attorney for guidance on your specific situation. Requirements vary by state.
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