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Project Management Schedule of Values

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PROJECT MANAGEMENT SCHEDULE OF VALUES

Project Identification

Project Title:

Contract Date:    Contract Number:

Scope of Work

Provide a concise description of the full scope of work covered by this Schedule of Values. This description will be used to evaluate deliverables and payments.

Schedule of Values and Deliverables

The following table is the approved breakdown of the Contract Sum allocated to major work categories, deliverables and milestones. Values are stated without deduction; retainage and progress calculations are applied below.

Item      Description (Work Category)               Scheduled Value   Pct Complete   Earned to Date   Retainage %   Retainage Amt   Balance to Finish

1.      $       $       $    $

2.      $       $       $    $

3.      $       $       $    $

4.      $       $       $    $

5.      $       $       $    $

6.      $       $       $    $

Progress Payment Calculation

Total Scheduled Value (Sum of items): $

Less: Approved Change Orders to Date: $

Adjusted Contract Sum: $

Total Completed and Stored to Date: $    Less: Previous Certificates for Payment: $

Current Amount Due: $    Retainage Withheld: $

Timeline and Milestones

Project Start Date:    Project End Date:

Name:    Start:    End:

Name:    Start:    End:

Budget, Payments, and Change Order Process

Total Contract Amount: $

Confidentiality and Data Protection

Each Party shall maintain in confidence all information disclosed by the other Party in connection with this Schedule of Values that is designated confidential or that reasonably should be understood to be confidential. Confidential information shall not be used except to perform obligations under the Contract and shall not be disclosed to third parties except to authorized personnel or as required by law. These obligations survive termination of the Contract for a period of three (3) years.

I acknowledge and agree to the confidentiality obligations stated above.

Governing Law

This Schedule of Values and any dispute arising under or relating to it shall be governed by and construed in accordance with the laws of:

Representations and Certifications

The undersigned certify that the Schedule of Values above is a complete and accurate representation of the allocation of the Contract Sum among the specified work categories and deliverables, and that amounts claimed for payment are earned in accordance with the Contract documents. The Service Provider warrants that amounts billed do not include costs previously paid or subject to other claims.

Administrative Contacts

Client Printed Name:

By:

Date:

Service Provider Printed Name:

By:

Date:

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What the Project Management Schedule of Values Is

The Project Management Schedule of Values is a line-item breakdown that assigns portions of the contract price to discrete work items, milestones, or deliverable groups for the life of a construction or services project. It ties budgeted amounts to project phases, supports periodic pay applications, and provides a common reference for progress reporting, change orders, retainage calculations, and lien waiver processing. Owners, contractors, and subcontractors use the schedule to reconcile billed amounts against completed work and to verify that payments align with contractual scope and approved changes.

Why a Schedule of Values Matters for Project Controls

A clear Schedule of Values improves budget transparency, speeds invoice reconciliation, and reduces disputes by aligning payments to defined scopes and milestones. It establishes a single source of truth for financial progress and supports auditability during project closeout.

Why a Schedule of Values Matters for Project Controls

Who Completes and Relies on This Schedule

Multiple project stakeholders use the document for billing, change tracking, and audit records; maintain a single updated version to avoid conflicting submissions.

  • Owners and project managers who need periodic cost visibility and payment approvals.
  • Prime contractors who allocate contract sums to trade packages and monthly invoices.
  • Subcontractors who report earned value and submit payment applications tied to line items.

Step-by-Step: Preparing and Submitting the Schedule

Follow this sequence to create a compliant Schedule of Values and attach it to pay applications or change order requests.

  • 01
    Collect Contract Data: Gather scope, unit prices, and original contract totals.
  • 02
    Break Work into Lines: Create distinct line items for each trade or milestone.
  • 03
    Calculate Earned Value: Apply percent complete formulas to compute current amounts.
  • 04
    Attach to Pay Application: Submit schedule with supporting documentation for approval.

Core Components of a Professional Schedule of Values

A properly structured Schedule of Values includes fields and controls that make progress billing accurate and verifiable.

Line Item ID

Unique identifier per work element that simplifies referencing in change orders, submittals, and inspection reports. Use a consistent numbering convention across project documents.

Work Description

Clear, specific descriptions tied to contract drawings or specifications. Good descriptions reduce interpretation disputes during invoice review and payment certification.

Original Value

The baseline dollar amount assigned to the line at contract award. Serves as the starting point for adjustments and earned value calculations.

Adjustments and Change Orders

Separate column for approved increases or decreases with cross-reference to change order IDs, enabling auditable reconciliation.

Percent Complete

Field tracking current completion percentage for earned value calculations; often validated by field reports or inspections before approval.

Cumulative Earned

Dollar value earned to date per line, calculated from adjusted value and percent complete; used to determine current payment request and remaining balance.

Essential Data Fields to Include

Project Name: Project identifier
Contract Number: Contract reference
Contractor: Legal entity name
Reporting Period: Statement date
Total Contract Sum: Contract amount
Signature: Authorized signer

Common Preparation Errors to Avoid

  • Omitting approved change orders or using unapproved values that cause payment disputes and rework.
  • Rounding percentages inconsistently across lines, which produces mismatched totals and reconciliation errors.
  • Using vague descriptions that make it difficult for reviewers to verify completed scope against invoiced amounts.
  • Failing to attach supporting documents such as inspection reports, submittals, or timesheets required for validation.

Potential Consequences of Incorrect Schedules

Delayed Payment: Late or withheld payments
Contract Disputes: Change order claims
Tax Reporting: 1099 penalties possible
Backup Withholding: 24% withholding risk
Recordkeeping Violations: Retention noncompliance
Audit Findings: Financial adjustments

Where to Send, File, or Submit the Schedule

Submission channels depend on contract requirements; common routes include owner project portals, prime contractor billing platforms, and centralized document management systems.

  • Owner Portal: Upload per contract instructions
  • Prime Contractor: Attach to monthly pay application
  • Project Management System: Store in document control repository
  • Email Distribution: Send to designated approvers

How to Configure an Online Schedule Workflow

Set up a workflow that enforces required fields, routes approvals, and archives signed copies for audit.

Field | Configuration Required | Read-Only
Approval Routing Sequential | Owner → PM → Accounts
Authentication Email or SMS | Optional MFA
Retention Auto-archive | Project folder
Notification Email alerts | On submission

Electronic Submission and Signature Requirements

Ensure audit trails, tamper-evident PDFs, and retention policies are configured to support contract compliance and future audits.

  • Document Formats: PDF, DOCX, XLSX
  • Integrations: Salesforce, NetSuite, Procore
  • Authentication: Email, SMS code, KBA

eSignature Vendor Comparison for Schedule of Values Signing

Compare baseline pricing and basic capabilities that matter when signing and routing Schedule of Values documents electronically. signNow is listed first per comparison convention.

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 Varies by vendor Varies by vendor Varies by vendor Varies by vendor
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

Timing and Typical Deadlines to Observe

Observe contractual submission dates, monthly billing cycles, and related tax reporting deadlines to avoid penalties and payment delays.

Initial Submission:

Submit Schedule with first pay application per contract

Monthly Billing:

Include updated percent complete on each monthly invoice

Change Order Timing:

Attach approved change order references before billing adjusted amounts

Lien Waivers:

Provide waivers against billed amounts when required by contract

Tax Reporting:

1099-NEC to recipients and IRS due Jan 31

Frequently Asked Questions and Troubleshooting

Answers to common questions about preparing, signing, and submitting a Schedule of Values, including eSignature and recordkeeping concerns.


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