Can an SOV be signed electronically?

Yes. Electronic signatures are enforceable under the ESIGN Act (15 U.S.C. ch. 96) and UETA where adopted. Ensure intent, consent, attribution, and record retention to satisfy legal validity.

What supporting documents are required?

Attach contracts, change orders, inspection reports, and lien waivers as applicable. Missing backups commonly cause payment delays and additional requests from owners or lenders.

How do I correct a submitted SOV?

If a signed SOV contains errors, prepare a corrected SOV or written amendment, obtain signatures from authorized parties, and retain both versions with an audit note documenting why the change was made.

Are notarization or witnesses needed?

Not typically for all SOVs, but final waivers or affidavits may require notarization depending on state law. Check state notary rules and lender requirements before final execution.

How does retention work for SOVs?

Retain SOVs for the contract term plus at least three years; where tax, SEC, or HIPAA obligations exist, follow applicable statutes such as IRC §6501(a) or 45 CFR §164.530(j).

Can I use an eSignature vendor for notarized waivers?

Use remote online notarization only where authorized by state law and when the vendor supports required identity proofing, audio-video recording, and retention rules.

Business Services SOV

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

Business Services SOV

Service Provider: Client Name: Project Name:

Schedule of Values Number:

Date:

Recitals

WHEREAS, the Service Provider, identified above as , has been engaged to perform business services for the Client identified above; and

WHEREAS, the parties desire to set forth a Schedule of Values reflecting the allocation of the contract sum among defined services, milestones, and invoice items to be used for billing, progress reporting, and final accounting; and

WHEREAS, the parties agree that the Schedule of Values herein is subject to the terms and conditions of the governing agreement between the parties and will be used to measure payments due to the Service Provider.

Scope of Work

Schedule of Values (Itemized)

Item #	Description of Service	Units / Hours	Unit Rate	Line Total

Total Contract Value:

Payment Terms

Payment Amount (per invoice or milestone): Payment Schedule and Milestones: Late Payment Charge:

Invoices shall reference the applicable Schedule of Values item numbers and supporting documentation. Payments are due in accordance with the payment schedule above. Disputed items must be identified in writing within ten (10) days of invoice receipt and the undisputed portion will remain payable.

Term and Termination

Contract Start Date:

Contract End Date:

Termination Notice Period (days): Termination Procedures and Remedies:

Confidentiality

Each party acknowledges that, during the performance of services, it may receive confidential and proprietary information of the other party. Confidential information shall not be disclosed except as necessary to perform obligations under this Schedule of Values or as required by law. Confidential information excludes information that is or becomes publicly known through no breach of this Agreement, was known to the recipient prior to disclosure, or is rightfully obtained from a third party.

Receiving party acknowledges confidentiality obligations: I acknowledge and will comply

Governing Law

This Schedule of Values and any dispute arising out of or relating to it shall be governed by and construed in accordance with the laws of the state of without regard to its conflict of law principles.

Entire Agreement

This Schedule of Values constitutes the entire agreement between the parties with respect to the allocation of the contract sum and the items set forth herein. Except as expressly provided otherwise in the primary service agreement between the parties, this Schedule of Values supersedes any prior contemporaneous representations, negotiations, or agreements, whether written or oral, concerning the subject matter hereof.

Execution of this Schedule of Values by authorized representatives of the Service Provider and the Client constitutes acceptance and agreement to its terms. Each party represents that it has authority to execute and deliver this document and to bind the entity on whose behalf it signs.

Service Provider - Print Name:

By:

Date:

Client - Print Name:

By:

Date:

What the Business Services SOV Is and when it’s used

A Business Services Schedule of Values (SOV) is a detailed, line-item statement used to allocate the total contract price across discrete services, deliverables, or project phases. It establishes the baseline values for progress billing, holdbacks or retainage, and certified pay applications. Contractors, service providers, and owners use an SOV to document work completed, compute interim payments, and support lien waivers, change orders, and final accounting. The SOV becomes a contractual reference for approvals, audits, and dispute resolution throughout project performance.

Why a formal SOV matters for billing and contract control

A clear SOV reduces payment disputes, speeds invoicing, and ties progress payments to measurable deliverables. It provides an auditable record for accounting, supports compliance with retainage rules, and clarifies scope and pricing for change orders and final reconciliation.

Who prepares and relies on a Business Services SOV

Accurate preparation reduces reconciliation work, supports audit trails, and helps preserve lien rights when applicable.

Contractors and service vendors responsible for progress billing and payment applications, ensuring amounts align with completed work and contractual schedules.
Project owners, property managers, or procurement teams who review SOVs to approve draws, track retainage, and verify deliverables against contract milestones.
Accounting, payroll, and lien management teams that use the SOV for invoice generation, tax reporting, and preparing lien waivers or release documents.

Essential components of a professional Business Services SOV

A compliant SOV organizes values so reviewers can reconcile scope, progress, and payments quickly. Include descriptive, numerical, and reference fields to make approvals and audits straightforward.

Line Items

Detailed description for each service or work package, including task code or reference, so reviewers can map amounts to project scope or contract exhibits.

Quantity & Units

Numeric quantity and unit of measure for billed items where applicable (hours, square feet, units), allowing consistent calculation of progress percentages.

Unit Price

Per-unit cost or agreed rate for each line item that, when multiplied by quantity, produces line value and supports discrepancy checks.

Scheduled Value

Original contract amount allotted to the line item, used as the baseline for tracking cumulative billed and remaining amounts.

Work Completed

Amount or percentage completed during the billing period with supporting notes or attachments documenting deliverables or inspections.

Totals & Retainage

Subtotal, retainage calculation, previous payments, and net due fields to present a single certified payment request amount.

Step-by-step: preparing and submitting a Business Services SOV

Follow a consistent sequence to prepare an accurate SOV and reduce back-and-forth with reviewers.

01

Gather documents: Collect contract, previous SOVs, purchase orders, and change orders.
02

Populate line items: Enter descriptions, quantities, unit prices, and scheduled values.
03

Calculate totals: Compute cumulative billed, retainage, and net amount due.
04

Submit for approval: Attach evidence, sign, and route to owner or accounting for certification.

Configuring an online SOV workflow

Set up a digital workflow that enforces approvals, attachments, and signing order to match contract requirements.

Field	Configuration
Required Attachments	Require invoice backup before submission
Signing Order	Enforce contractor then owner then accounting
Authentication Level	Choose email or SMS code verification
Retention Rule	Auto-archive signed SOVs for X years

Where to send the completed SOV and routing best practices

Choose primary recipients and a defined approval sequence to avoid delays and preserve an auditable trail.

To the Owner: Send the certified SOV to the owner or their representative for review and approval.
Accounting Department: Route an approved copy to accounts payable for invoice matching and payment processing.
Project Manager: Provide a copy to the PM for onsite verification and change order reconciliation.
Document Archive: Store the executed SOV with attachments in your records retention system.

Digital delivery and technical considerations

Ensure recipients can open the file type you send and that the platform captures a tamper-evident audit trail for signed SOVs.

File formats: Use PDF or DOCX to retain layout and calculations
Integrations: Connect to ERPs like NetSuite or CRMs like Salesforce
Authentication: Support email, SMS code, or SSO verification

Common timing elements and payment-related deadlines

Understand the regular schedule items that affect when an SOV must be submitted and when payments are processed.

Invoice Submission Date:

Date contractor submits SOV and backup for the billing period

Owner Review Period:

Time allocated for owner review and certification before payment

Payment Terms:

Net 30, Net 45, or other agreed payment window after approval

Retainage Release:

Conditions and timing for releasing retainage upon milestones

Final Reconciliation:

Deadline for final SOV and lien waiver at project closeout

Key milestones in the SOV lifecycle

Track milestones from submission through final closeout to manage cash flow and contract compliance.

01

Prepare SOV

Assemble line items and supporting documentation before the billing period ends

02

Submit for Certification

Route SOV to owner or rep for inspection and approval

03

Approve and Pay

Accounting certifies and schedules payment according to terms

04

Closeout and Archive

Finalize retainage, execute final waivers, and store the record

Common preparation errors to avoid

Omitting backup documentation such as inspection reports or change orders, which often delays owner certification and payment.
Using inconsistent descriptions or cost codes across invoices and the contract, causing reconciliation mismatches and dispute inquiries.
Failing to calculate retainage or previous payments correctly, which leads to underpayment or overbilling adjustments later.
Not confirming the authorized signer, resulting in rejected submissions or enforcement issues during audit or closeout.

Risks and potential consequences of incorrect SOVs

Payment Delays: Delayed approvals or disputes

Lien Risk: Loss or delay of lien rights

Tax Exposure: Incorrect reporting or backup withholding

Audit Findings: Accounting or contract noncompliance

Contract Disputes: Claims over scope or costs

Indemnity Costs: Liability for rework or penalties

Security and compliance checklist for electronic SOVs

Encryption: TLS 1.2/1.3 in transit; AES-256 at rest

Audit Trail: Timestamped events and signer IP address

HIPAA Support: BAA available for protected health data

Regulatory Standards: ESIGN, UETA, 21 CFR Part 11 compliance

Certifications: SOC 2 Type II and ISO 27001

Accessibility: WCAG 2.0 Level AA support

Real-world examples of SOV workflows in practice

These examples show how organizations used digital SOVs to speed approvals and maintain compliance during billing cycles.

Martin Properties

Tim Martin used online SOVs to process lease and construction draw requests remotely

Reduced turnaround by consolidating attachments and approvals
As a result, the team executed certified payment applications faster and maintained 100% compliance across mobile and desktop signings.

BIS

Dan Rotelli adopted a centralized SOV template integrated with accounting

Standardized line items and retainage calculations across projects
That standardization reduced reconciliation time and improved audit readiness for internal and external reviewers.

Frequently asked questions about Business Services SOVs

Answers to common SOV questions, covering legal validity, attachments, revisions, and state-specific concerns.

Need help? Contact support

Can an SOV be signed electronically?
Yes. Electronic signatures are enforceable under the ESIGN Act (15 U.S.C. ch. 96) and UETA where adopted. Ensure intent, consent, attribution, and record retention to satisfy legal validity.
What supporting documents are required?
Attach contracts, change orders, inspection reports, and lien waivers as applicable. Missing backups commonly cause payment delays and additional requests from owners or lenders.
How do I correct a submitted SOV?
If a signed SOV contains errors, prepare a corrected SOV or written amendment, obtain signatures from authorized parties, and retain both versions with an audit note documenting why the change was made.
Are notarization or witnesses needed?
Not typically for all SOVs, but final waivers or affidavits may require notarization depending on state law. Check state notary rules and lender requirements before final execution.
How does retention work for SOVs?
Retain SOVs for the contract term plus at least three years; where tax, SEC, or HIPAA obligations exist, follow applicable statutes such as IRC §6501(a) or 45 CFR §164.530(j).
Can I use an eSignature vendor for notarized waivers?
Use remote online notarization only where authorized by state law and when the vendor supports required identity proofing, audio-video recording, and retention rules.

eSignature vendor pricing and capability snapshot for SOV workflows

This table compares starting price and key capabilities across common eSignature vendors to help estimate recurring eSign costs for SOV processing.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	Yes, 7-day trial	Varies by plan	Varies by plan	Varies by plan	Varies by plan
Bulk Send	Yes	Yes	Yes	Yes	Limited
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No

be ready to get more

Join over 28 million airSlate SignNow users

Sign Now