What if totals don't match the contract?

Reconcile line items and check that change orders are recorded separately. If differences persist, issue a corrected schedule with a clear revision history and route it through the contractual approval chain.

Can the schedule be electronically signed?

Yes. Under the ESIGN Act (15 U.S.C. ch. 96) and state UETA frameworks, eSignatures are valid for most contracts unless an exception applies. Maintain an audit trail and meet any contract-specified authentication.

Is notarization required?

Typically a schedule itself does not require notarization unless contract or lender conditions demand it. When required, comply with state notary rules or use Remote Online Notarization where permitted.

How should change orders be shown?

Record approved change orders as separate line items or columns that update the contract total; include approval references and attach signed change order documents for verification during audits.

What retention period applies?

Retain schedules for the project duration plus recommended post-termination periods; federal and industry rules often require 3–7 years, and HIPAA or SEC rules may impose longer retention.

Who can sign the schedule?

Authorized signers are specified in the contract (project manager, contract administrator, or corporate officer). Ensure the signer's authority is documented and reflected in the certification block.

Electronic Signature
Templates
Finance
Financial Schedule of Values

Financial Schedule of Values

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

FINANCIAL SCHEDULE OF VALUES

Project and Contract Information

Project Name:

Project Address:

Owner / Client

Contractor

Contract Number

Contract Date

Schedule Prepared By

Contract Sum Summary

Original Contract Sum

Approved Change Orders (Net)

Current Contract Sum

Retention Withheld to Date

Schedule of Values (Itemized)

Item No.	Description of Work	Scheduled Value	Work Completed This Period	Previously Billed	Amount Due This Period	Balance to Finish
1
2
3
4
5
6
7
8

Summary Calculations

Subtotal (Sum of Scheduled Values)

Total Completed & Stored to Date

Less: Previous Certificates for Payment

Current Amount Due (This Application)

Balance to Finish (Current Contract Sum less Total Completed)

Payment Terms and Conditions

Payment Terms: Payment shall be made in accordance with the Contract. The amounts shown herein constitute Contractor's schedule of values and form the basis for progress payment applications. Unless otherwise stated in the Contract, Owner shall make payment within days of receipt of the approved certificate of payment. Interest on overdue amounts shall accrue at from the due date until paid.

Retention: Unless otherwise provided in the Contract Documents, retention withheld shall be applied in accordance with contract provisions. Materials stored on site and off site are included in the amounts claimed only if supported by invoices and storage affidavits.

Notes / Terms & Conditions

Certifications

I certify that the schedule of values above is a true and correct allocation of the Current Contract Sum; amounts billed herein are for work performed and materials furnished in connection with the project; materials claimed as stored are properly stored and insured; and that no portion of this Application for Payment has been previously paid except as indicated. This certification is made subject to the penalties of perjury.

Contractor attests that all subcontractor payments due for prior periods have been satisfied to the extent required by the Contract Documents and that any requested adjustments for change orders or extras have been approved in accordance with the Contract.

Contractor Printed Name:

By:

Date:

Owner/Authorized Representative Printed Name:

By:

Date:

What the Financial Schedule of Values Is

A Financial Schedule of Values is a line-item breakdown used in construction and project contracting to allocate the contract sum across discrete work elements, phases, or pay items. It lists each scope item, its assigned value, units, quantities, and an aggregated total that ties to the contract price. Owners, contractors, and lenders use the schedule to measure progress, calculate payment applications, and validate retainage. The document often accompanies monthly pay applications, change orders, and cost reports and is treated as the baseline for invoicing, auditing, and financial control throughout the project lifecycle.

Why a Clear Schedule of Values Matters

A precise Schedule of Values improves payment accuracy, reduces disputes, and supports timely approvals by making scope and cost relationships explicit. It becomes the authoritative reference for change orders, progress billing, and subcontractor payments.

Who Prepares and Relies on the Schedule

Typical preparers include general contractors, project controls teams, and contract administrators who translate the contract into billable line items.

General Contractors: Prepare baseline schedules and monthly updates for billing and retainage calculation.
Owners and Lenders: Verify progress and approve pay applications against scheduled values and percent complete.
Subcontractors and Suppliers: Reference line-item allocations for invoicing, lien waivers, and entitlement tracking.

Reviewers include owners, construction lenders, certifying engineers, and audit teams that verify work completed against the schedule for payment authorization.

Primary Signers and Roles

Project Manager

Responsible for approving the schedule as representative of the contractor; coordinates line-item definitions with estimating, change order tracking, and monthly progress measurement.

Contract Administrator

Prepares and maintains the schedule, ensures values match contract terms, and submits certified pay applications to the owner or lender for payment processing.

Essential Fields to Include

Project Name: Official project identifier

Contract Number: Owner/contract reference

Line Item: Scope element name

Quantity: Units or count

Unit Price: Price per unit

Line Total: Calculated extended value

Consequences of Incorrect Schedules

Delayed Payments: Owner withholding

Disputed Claims: Change order conflicts

Audit Findings: Cost recoveries possible

Lien Exposure: Subcontractor disputes

Compliance Risk: Grant or lender breach

Tax Reporting: Incorrect expense allocation

Common Preparation Pitfalls to Avoid

Overly aggregated line items that obscure unit prices and quantities, making progress verification and subcontractor billing difficult.
Mismatched totals between the schedule and the signed contract amount, which creates payment delays and requires formal correction.
Failing to update values for approved change orders, causing cumulative reporting errors during final accounting and closeout.
Using inconsistent units of measure across line items (e.g., mixing linear feet and lump-sum) that complicates percent-complete calculations.

How to Complete a Schedule of Values, Step by Step

Follow a consistent process: list items, assign quantities and unit prices, compute line totals, reconcile to contract sum, and submit with required certifications.

01

List Items: Break the full scope into measurable work elements.
02

Assign Units: Define unit of measure and enter quantities.
03

Price Lines: Enter unit price and calculate line totals.
04

Reconcile: Ensure sum equals contract value and document changes.

How to Configure an Online Schedule Workflow

Set up templates, approvals, and authentication to streamline submissions and ensure traceability for pay applications and audits.

Template	Create reusable schedule templates with locked contract totals.
Conditional Fields	Show fields only when change orders or retainage apply.
Signer Authentication	Require email plus SMS or SSO for key approvers.
Notifications	Auto-notify reviewers on submission and when items change.
Integrations	Connect with accounting or ERP systems for posting.

Where to Send the Completed Schedule

Route the schedule to all relevant stakeholders in the contractual approval path to avoid payment hold-ups and maintain a clear audit trail.

Owner: Provide certified copy for approval and payment authorization.
Lender: Send when lender-controlled draws or funding conditions exist.
Architect / Engineer: Submit for technical verification of percent complete.
Accounting: Deliver electronic copy for invoice posting and ledger reconciliation.

Digital Signing and Submission Requirements

Use an eSignature workflow that supports audit trails, document versioning, and signer authentication appropriate to contract and lender requirements.

Audit Trail: Detailed event history
Authentication: Email, SMS, or SSO
File Formats: PDF/A, DOCX supported

Key Components of a Professional Schedule of Values

A professional schedule balances clarity and auditability—each component supports verification, costing, and contractual compliance during execution and closeout.

Scope Line Items

Discrete, measurable work elements with consistent naming conventions enable precise percent-complete calculations and help stakeholders quickly reconcile work performed to billed amounts during inspections and monthly reviews.

Units and Quantities

Standardized units of measure and accurate quantities tie directly to field measurement reports and change orders, preventing misinterpretation when calculating earned value and retainage.

Unit Pricing

Document unit prices for each scope item so auditors and reviewers can trace cost composition and validate whether subcontractor or supplier invoices align with scheduled values.

Line Totals

Extended values must be arithmetically correct and sum to the contract amount; clear line totals support automated posting to accounting ledgers and lender draw schedules.

Change Order Detail

Include separate columns or attached exhibits for approved change orders and adjustments so the baseline remains auditable while reflecting current contract value.

Certification Block

A signer block with printed name, title, date, and signature ensures accountability; certification language should reference standards for percent-complete measurement and payment entitlement.

Typical Timelines and Processing Expectations

Pay attention to contract-specified submission dates and lender draw schedules; timely submission reduces funding delays and prevents disputes.

Initial Schedule Submission:

Submit within time required by contract, typically prior to first pay application.

Monthly Billings:

Submit monthly with required backup, usually by a fixed calendar cutoff.

Change Order Processing:

Allow time for negotiation and approval before the next billing cycle.

Retention Release:

Follow contract milestones and closeout procedures for retention release.

Final Accounting:

Provide final verified schedule and lien waivers at project closeout.

Real-World Examples of Use

Organizations use structured schedules to accelerate approvals, improve auditability, and reduce disputes in high-volume projects.

Optica Ventures LLC

Optica standardized their schedules across projects to reduce billing confusion and speed approvals.

The interface simplified customer review.
As COO Brian Fitzgibbons noted, the solution made it easier for their customers to review and approve billing, reducing follow-ups and accelerating payments while preserving audit trails.

Tech Data

Tech Data centralized schedule submission to improve internal controls and cash flow forecasting.

Integration with accounting saved time.
CEO Bob Dutkowsky reported better internal and external customer service and faster revenue recognition after deploying standardized digital schedules and signature workflows.

eSignature Pricing and Feature Comparison

Compare common eSignature pricing and core features for schedule submissions; note signNow has no envelope cap while some competitors limit envelopes.

	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	7-day free trial, no credit card	Varies by plan	Varies by plan	Varies by plan	Varies by plan
Bulk Send	Yes (available)	Yes	Yes	Yes	No
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No

Tips for Accurate and Efficient Schedules

Follow consistent conventions and verify arithmetic before submission to speed approvals and reduce rework.

Standardize Line Item Naming

Use consistent descriptors across projects and subcontractors so comparisons and percent-complete measurements are straightforward; adopt a project-wide nomenclature document to reduce interpretation errors during reviews.

Lock Contract Total

Keep the contract sum immutable in templates and route adjustments through documented change order lines only, preventing accidental total changes that trigger payment disputes and reconciliation work.

Include Backup Documentation

Attach measurement reports, inspection certificates, and approved change orders to pay applications to accelerate reviewer confidence and reduce requests for supplemental information.

Automate Calculations

Use formulas for unit price × quantity and automated reconciliation to minimize arithmetic errors and ensure the schedule always ties to accounting entries and invoice systems.

FAQs and Troubleshooting

Answers to common questions about preparing, signing, and submitting the Financial Schedule of Values.

Need help? Contact support

What if totals don't match the contract?
Reconcile line items and check that change orders are recorded separately. If differences persist, issue a corrected schedule with a clear revision history and route it through the contractual approval chain.
Can the schedule be electronically signed?
Yes. Under the ESIGN Act (15 U.S.C. ch. 96) and state UETA frameworks, eSignatures are valid for most contracts unless an exception applies. Maintain an audit trail and meet any contract-specified authentication.
Is notarization required?
Typically a schedule itself does not require notarization unless contract or lender conditions demand it. When required, comply with state notary rules or use Remote Online Notarization where permitted.
How should change orders be shown?
Record approved change orders as separate line items or columns that update the contract total; include approval references and attach signed change order documents for verification during audits.
What retention period applies?
Retain schedules for the project duration plus recommended post-termination periods; federal and industry rules often require 3–7 years, and HIPAA or SEC rules may impose longer retention.
Who can sign the schedule?
Authorized signers are specified in the contract (project manager, contract administrator, or corporate officer). Ensure the signer's authority is documented and reflected in the certification block.

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