Can an SOV be signed electronically?

Yes. Under the ESIGN Act (15 U.S.C. §7001) and UETA, electronic signatures are legally enforceable for most transactional documents, provided intent, consent, attribution, and retention requirements are met.

When is notarization required?

Most SOVs themselves do not require notarization, but supporting affidavits or certified statements may. Check contract terms and state law for document-specific notarization requirements.

How should change orders be reflected?

Include approved change order numbers, dates, and net amounts in the SOV line items so that reviewers can trace adjustments back to authorized documents and approvals.

What happens if names mismatch on signatures?

Mismatched signer names can delay approval. Use exact legal entity or signatory names and provide a match with corporate resolution or power of attorney if signatures differ.

Is guest signing acceptable for contractors?

Guest signing is generally acceptable, but higher-assurance authentication (SMS code, two-factor) is recommended for lender-reviewed draws or high-value requests.

How do I correct an approved SOV?

Submit a revised SOV with a clear revision history and attach authorized change orders; follow contract change control procedures to avoid payment disputes.

Electronic Signature
Templates
Finance
Financial SOV Document

Financial SOV Document

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 (SOV)

Project & Document Information

Project Name: Project Number:

Contract Date: SOV Document No.:

Application Period From: To:

Contractor (Issuing Party)

Company Name Address

Phone

Email

Owner / Payee

Owner / Payee Name Address

Contract Financial Summary

Original Contract Amount

Total Approved Change Orders

Adjusted Contract Amount

Total Retainage Withheld (%)

Itemized Schedule of Values

Item #	Description	Original Value	Change Orders	Adjusted Value	Completed to Date	Materials Stored	% Complete	Balance to Finish
1
2
3
4
5
6
7
8

Payment Summary

Subtotal (This Application)

Less Retainage Withheld

Less Previous Payments

Current Payment Due

Balance Remaining on Contract

Payment Instructions & Methods

Accepted payment methods (check all that apply):

Wire Transfer Check ACH Credit Card

Bank / Payment Details (if applicable)

Payment Reference / Instructions

Certifications, Representations & Terms

By signing below the Contractor certifies under penalty of perjury that the amounts set forth in this Schedule of Values and any accompanying documentation are true, correct and represent work performed and/or materials stored as described herein. Contractor further certifies that all subcontractors, suppliers and laborers have been paid for amounts previously billed and that to the best of Contractor's knowledge no valid lien or claim exists against the amounts requested, except as specifically disclosed in the Attachments section.

Payment is due in accordance with the Contract. Unless otherwise provided in the Contract, delinquent amounts shall accrue interest at the rate specified in the Contract or, if none, at the lesser of 1.5% per month or the maximum lawful rate. Acceptance of payment shall not constitute a waiver of rights to assert claims for defective or nonconforming work. Upon final payment and subject to full receipt of funds, Contractor agrees to execute and deliver conditional and final lien releases as required by the Contract.

Contractor acknowledges responsibility for maintaining insurance on materials stored on site and for protecting materials for which payment is requested. Any amounts asserted as materials stored must be supported by invoices and proof of procurement and insurance when submitted.

Attachments / Supporting Documents

Acknowledgment

The signer represents that he or she is authorized to execute this Schedule of Values on behalf of the Contractor and that execution constitutes a binding obligation of the Contractor under the terms of the Contract and applicable law.

Party Label:

By:

Date:

Print Title/Office:

What the Financial SOV Document Is and When It’s Used

A Financial SOV Document, commonly called a Schedule of Values, is a line-item financial schedule that allocates the contract price across work packages, phases, or deliverables for payment applications and budgeting. It establishes unit values, quantities, and percentages used to compute progress payments, retainage, and change order adjustments. The SOV supports invoicing, lien waivers, and audit trails for owners, contractors, and lenders, and it often forms the basis for draw requests on construction projects and other phased deliverables.

Why a Clear Financial SOV Document Matters

A well-prepared Financial SOV Document provides transparent payment allocation, simplifies progress billing, and reduces disputes over scope and amounts. It creates a single reference for invoicing, change orders, and retainage reconciliation while improving auditability for project stakeholders.

Who Prepares and Relies on a Financial SOV Document

Contractors and subcontractors typically prepare SOVs; owners, lenders, and project managers use them to verify draw requests and track budget status.

General contractors: submit SOV as part of monthly payment applications and coordinate line-item values with subs.
Subcontractors: provide their own SOV submittals to support pay applications and change order pricing.
Owners and lenders: review SOVs to validate progress, authorize payments, and enforce retainage rules.

Multiple parties use the SOV during invoicing, change management, and closeout, so accuracy and version control are essential.

Core Elements to Include in a Professional Financial SOV Document

A thorough Financial SOV Document organizes contract value across discrete line items, links to contract exhibits, and records prior payments. The following components make the schedule usable for payment processing and audit review.

Line Item ID

Unique identifier for each work package or deliverable to match invoices and change orders precisely.

Description

Concise description of scope for each line item so reviewers can verify completed work against contract terms.

Original Value

Original dollar amount allocated to each item before change orders and adjustments are applied.

Approved Change Orders

Net changes approved to the line item with references to change order numbers and authorization dates.

Previously Paid

Cumulative payments issued against the line item prior to the current pay application.

Current Request

Amount requested in the present pay application and the percentage of work claimed complete.

Required Data Fields at a Glance

Project Name: Full contract title

Contract Number: Owner-assigned ID

Contractor Name: Legal entity name

Line Item Values: Unit and total

Change Order Links: Reference numbers

Signer Details: Name, title, date

Step-by-Step: Preparing and Submitting a Financial SOV Document

Follow these sequential steps to prepare an SOV suitable for payment processing, change control, and audit review.

01

Prepare Baseline: Populate original values and descriptions per the contract schedule.
02

Incorporate Changes: Add approved change orders and adjust line item totals accordingly.
03

Calculate Payments: Compute previously paid, current request, and remaining balance per item.
04

Sign and Submit: Obtain authorized signature and route to owner or lender with supporting documents.

Configuring an Online Workflow for the Financial SOV Document

Set up fields, signer roles, and integrations so the SOV flows automatically through review, approval, and payment systems.

Field	Configuration
Signer Roles	Assign owner, GC, and subcontractor roles for sequential approval
Conditional Fields	Show change order fields only after a CO is attached
Authentication	Enable email plus SMS code for higher-assurance signers
Integrations	Connect to accounting or ERP for automated posting

Where to Send the Financial SOV Document and Typical Routing

The SOV normally moves from contractor to owner and, where applicable, to lenders, construction managers, and accounting for disbursement.

Contractor to Owner: Submit signed SOV with backup documentation
Owner Review: Verify percentages, work completed, and retainage calculations
Lender Approval: Lender confirms draws against approved SOV values
Accounting: Post payments and reconcile retainage ledger

Digital Signing and Technical Considerations

Choose a signing platform that supports PDF/DOCX, audit trails, and integrations with your accounting or project systems.

File Formats: PDF, DOCX, HTML, Excel supported
Integrations: Salesforce, NetSuite, Google Workspace
Audit Trail: Timestamps, IP, action log

Typical Timelines and Submission Deadlines

Timelines vary by contract, but common deadlines govern monthly billing cycles, retainage release, and final closeout tasks.

Monthly Pay Application:

Submitted on or by the contract-specified date each month

Retainage Release:

Occurs per contract milestones or final acceptance

Change Order Approval:

Submit promptly to avoid payment delays

Lien Notice Deadlines:

Comply with state prompt notice requirements

Project Closeout:

Final SOV reconciled at substantial completion or final acceptance

Common Preparation Errors to Avoid

Overlapping line items or duplicate values that cause calculation errors during payment reconciliation and audits.
Incomplete change order references that leave reviewers unable to verify authorized adjustments to line item totals.
Mismatched signer names or missing titles that delay approvals and can invalidate payment requests.
Failing to attach required backup (invoices, inspection reports) which commonly leads to rejected pay applications.

Consequences of an Incorrect or Missing Financial SOV Document

Payment Delay: Lost cash flow risk

Lien Exposure: Risk of mechanic's lien

Contract Dispute: Potential arbitration or litigation

Tax Withholding: Incorrect 1099 reporting risk

Audit Failure: Accounting reconciliation issues

Reputational Harm: Vendor and owner trust erosion

eSignature Pricing and Feature Comparison for Financial SOV Workflows

Common eSignature features and price models influence solution selection for SOV workflows; the table below compares starting price and key capabilities across vendors.

	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	No
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No
Envelope Cap	No cap	100 envelopes/user/year	Varies by plan	Varies by plan	Varies by plan

Real-World Examples of Digital SOV Workflows

These cases illustrate how digital signing and clear SOV practices affect project speed and compliance in actual organizations.

Martin Properties

Tim Martin, Founder at Martin Properties, streamlined signature collection across desktop and mobile

The interface worked offline and on site
As a result, processing and executing required documents online improved compliance and kept closeouts on schedule without repeated in-person signings.

BIS

Dan Rotelli, CEO at BIS, prioritized SOC 2 and ESIGN/UETA compliance when choosing a signing solution

The focus was on secure audit trails
That compliance orientation gave stakeholders confidence in SOV accuracy and reduced audit friction during lender reviews.

Frequently Asked Questions about the Financial SOV Document

Answers to common legal, technical, and procedural questions encountered when preparing, signing, and submitting SOVs.

Need help? Contact support

Can an SOV be signed electronically?
Yes. Under the ESIGN Act (15 U.S.C. §7001) and UETA, electronic signatures are legally enforceable for most transactional documents, provided intent, consent, attribution, and retention requirements are met.
When is notarization required?
Most SOVs themselves do not require notarization, but supporting affidavits or certified statements may. Check contract terms and state law for document-specific notarization requirements.
How should change orders be reflected?
Include approved change order numbers, dates, and net amounts in the SOV line items so that reviewers can trace adjustments back to authorized documents and approvals.
What happens if names mismatch on signatures?
Mismatched signer names can delay approval. Use exact legal entity or signatory names and provide a match with corporate resolution or power of attorney if signatures differ.
Is guest signing acceptable for contractors?
Guest signing is generally acceptable, but higher-assurance authentication (SMS code, two-factor) is recommended for lender-reviewed draws or high-value requests.
How do I correct an approved SOV?
Submit a revised SOV with a clear revision history and attach authorized change orders; follow contract change control procedures to avoid payment disputes.

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