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Storage Services SOV

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Storage Services SOV

Client Name:    Storage Provider:

WHEREAS

WHEREAS, Client desires to store goods, chattels and other personal property described in the Schedule of Values below with Provider at the storage facility identified herein, subject to the terms and conditions of this Agreement; and

WHEREAS, Provider operates storage facilities and provides storage, handling and inventory services for property of the kind described below and is willing to accept and store such property under the terms set forth in this Agreement; and

WHEREAS, the parties wish to set forth herein a Schedule of Values detailing each stored item, the applicable unit storage rates and the storage periods for billing and lien purposes.

Scope of Work

Schedule of Values

Below is the itemized Schedule of Values (SOV). Each line identifies the stored item, quantity, unit rate, storage period and line total. Provider shall invoice in accordance with the Payment Terms below.

Item No. Description Qty Unit Unit Rate (per month) Storage Period (Start - End) Line Total
1 —
2 —
3 —
4 —
5 —

Total Storage Value: $

Payment Terms

Contract Amount (if applicable): $.

Billing Frequency: . Invoices are due within days of invoice date. Client shall pay all invoiced amounts in lawful currency by the method agreed in writing.

Late Payment: Any amount not paid when due shall accrue interest at a rate of per month (or the maximum permitted by law), and Provider may apply a service charge and suspend access to stored property until all outstanding charges, interest and collection costs are paid.

Term and Termination

Term Commencement Date: . Term Expiration Date (if any): .

Either party may terminate this Agreement for convenience upon written notice to the other party. Provider may terminate or suspend services immediately on nonpayment or upon Client's breach of material obligations. Upon termination, Client remains responsible for all storage charges incurred through the date of removal and for costs of removal and disposition as permitted by law and this Agreement.

Liens, Insurance and Risk Allocation

Provider shall have and is expressly granted a general warehouseman's lien and a possessory lien on all goods stored hereunder for all charges accruing under this Agreement and for expenses reasonably incurred in the preservation, sale or other disposition of such goods. Provider's lien remedies shall be exercised in accordance with applicable law following written notice.

Client is responsible for maintaining insurance covering loss or damage to stored property and for naming its own interests; Provider's liability for loss or damage shall be limited to direct damages proven and not to exceed the lesser of (a) the billed storage charges for the affected property for the preceding , or (b) , except to the extent caused by Provider's gross negligence or willful misconduct.

Confidentiality

Each party shall maintain in confidence and not disclose to third parties confidential business information received from the other party in connection with this Agreement, except as required by law or as necessary to perform obligations hereunder. Confidential information does not include information that is or becomes public other than by breach of this Agreement.

Governing Law; Entire Agreement

This Agreement shall be governed by and construed in accordance with the laws of the State of , without regard to its conflict of laws principles. The parties consent to jurisdiction and venue in that State's courts.

This Agreement, together with the Schedule of Values and any attachments or mutually executed addenda, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, representations and understandings, whether written or oral.

Notices

Representations and Certifications

Each party represents and warrants that it has full power and authority to enter into this Agreement and that the person signing on its behalf is authorized to bind the party to the obligations herein. Client certifies that the property described in the Schedule of Values is owned or lawfully possessed by Client and that no other person holds an interest that would compromise Provider's lien rights for unpaid charges.

Client Printed Name:

By:

Date:

Provider Printed Name:

By:

Date:

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

A Storage Services SOV (Schedule of Values) is a line-item statement that breaks out contract value, per-item storage charges, and related billing components for storage services such as warehousing, equipment storage, or long-term goods custody. It converts an overall contract or change order into discrete units — quantities, unit prices, extended amounts, taxes, and retainage — so owners, contractors, and billing teams can reconcile invoices, certify progress, and track payments against the contract. The SOV also supports lien management, payment applications, and audit trails for financial and compliance review.

Why a clear Schedule of Values matters for storage contracts

A concise SOV ensures accurate billing, transparent progress reporting, and easier dispute resolution by tying every invoice line to a contract allowance. It helps align expectations between storage providers and payors and supports lien, tax, and audit requirements.

Why a clear Schedule of Values matters for storage contracts

Who completes and relies on a Storage Services SOV

Typical users prepare, review, or sign the SOV at different stages of a storage services engagement.

  • Project owners and asset managers who approve periodic payment applications and reconcile contract budgets.
  • Storage providers, warehouse operators, or third-party logistics firms preparing monthly or milestone invoices.
  • Accounts payable and contract administrators who validate line-item charges, taxes, and retainage calculations.

The SOV is a shared financial document; clarity at preparation reduces later questions and collection delays.

Essential elements that make an SOV professional and usable

A professional Storage Services SOV is structured, auditable, and directly tied to contract exhibits and payment applications.

Line item ID

Sequential identifier for each charge allowing cross-reference to contract exhibits, change orders, or shipping manifests for auditability.

Description

Clear description of the stored item or service (e.g., pallet storage, container hold, climate-controlled unit) including units of measure.

Quantity and Unit

Numeric quantity and unit (days, months, pallets) used to calculate extended amounts and to reconcile physical counts.

Unit Price

Per-unit charge that must match the contract rate or approved change order to avoid payment disputes.

Extended Amount

Calculated line total (quantity × unit price). Include tax or surcharge lines as separate items to preserve clarity.

Retainage / Holds

If applicable, show withheld percentages, release conditions, and reference the contract clause or statutory holdback rule.

Step-by-step: preparing and issuing the Storage Services SOV

Follow these sequential steps to prepare an SOV that supports invoicing and reduces payment friction.

  • 01
    Gather contract data: Collect the contract, approved change orders, and delivery manifests to confirm rates and allowances.
  • 02
    Draft line items: List every charge as a separate line with ID, description, quantity, unit, and unit price.
  • 03
    Calculate totals: Compute extended amounts, taxes, and retainage; verify math and cross-check with the contract total.
  • 04
    Submit for approval: Route the SOV to the owner or contract administrator for certification prior to invoicing.

Typical online workflow configuration for SOV approval

Configure a consistent electronic workflow so each SOV goes through the same validation and approval steps.

Field Configuration
Preparation role Storage provider creates and uploads SOV
Validation role Project accountant verifies calculations and contract alignment
Approval role Owner or authorized representative signs approval
Record retention Signed SOV stored with invoice and delivery records

How electronic SOV routing typically proceeds

An electronic SOV workflow reduces manual handoffs and preserves an auditable trail of approvals and changes.

  • Upload SOV: Provider uploads SOV and attachments into the system for the billing period.
  • Add fields: Place signature, date, and verification fields where signers must act.
  • Route signers: Set signer order—preparer, certifier, owner—so approvals occur in the correct sequence.
  • Archive: Store the signed SOV with invoice and shipping records for audits.

Technical and platform considerations for electronic SOVs

Choose a platform that supports secure eSigning, audit trails, and the file formats you use for SOVs.

  • File formats: PDF, DOCX accepted
  • Integrations: ERP and storage connectors
  • Authentication: Email, SMS, or multi-factor

Typical SOV and billing timelines to track

Establish and communicate billing deadlines to avoid late payments and to preserve rights under the contract or lien statute.

Monthly billing cycle:

Submit SOV and invoice within the contract-specified monthly window, commonly 30 days.

Change order submission:

Provide supporting SOV adjustments within the time frame required by the change-order clause.

Retainage release:

Request release per contract milestones or statutory conditions, often at substantial completion.

Dispute notification:

Notify counterparty of disputes promptly; many contracts require notice within 10–30 days.

Final accounting:

Submit final SOV and closeout documents as required by contract, typically within 30–90 days after completion.

Common eSignature vendor pricing and feature comparison for SOV workflows

Choose a platform that supports bulk sends, audit trails, and HIPAA or BAA arrangements if protected health information or regulated data appears in documentation.

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 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 Varies Varies

Security and compliance features to expect for electronic SOVs

Encryption in transit: TLS 1.2/1.3
Encryption at rest: AES-256
HIPAA support: BAA available
Audit trail: IP, timestamp, action log
Certifications: SOC 2 Type II
Access controls: SSO and MFA options

Common risks and potential penalties for incorrect SOVs

Payment delays: Late or disputed invoices
Lost lien rights: Missed statutory preservation steps
Tax exposure: Incorrect reporting or withheld TINs
Backup withholding: 24% if incorrect TIN
Contract disputes: Breached scope or mispriced items
Audit findings: Insufficient supporting documentation

Frequent preparation mistakes to avoid

  • Using vague descriptions that cannot be matched to delivery manifests or contract exhibits, which increases dispute risk and slows payment.
  • Miscalculating extended amounts or inconsistent rounding across line items, leading to audit mismatches and rework.
  • Failing to reference approved change orders when rates or quantities change, which causes disagreements over invoiced amounts.
  • Not including retainage or tax lines separately, which complicates reconciliation and compliance reporting.

Practical tips for accurate and efficient SOV preparation

Adopt clear formatting and automated checks to reduce errors and speed approvals.

Adopt standardized line-item formats across projects
Use a template with fixed columns (ID, description, unit, qty, unit price, extended, retainage) so reviewers can scan and reconcile quickly. Standardization reduces interpretation errors and trainers can onboard staff faster.
Include exact references to contract exhibits and change orders
Add references (exhibit number, CO #) in each relevant line item so approvers can confirm authorization without hunting through multiple documents; this speeds certification and reduces disputes.
Validate calculations automatically before submission
Use spreadsheet formulas or an eSignature workflow with calculated fields to prevent manual arithmetic errors and to create a verifiable audit trail for each line's math.
Keep supporting documents attached and indexed
Attach delivery receipts, manifests, and change-order authorizations to each SOV submission so auditors and payors can access corroborating records without follow-up requests.

Real-world examples showing SOV use in practice

These brief examples show how storage providers and asset managers apply an SOV to improve invoicing, auditing, and closeout.

Martin Properties — on-line execution

Tim Martin, founder of Martin Properties, consolidated storage billing with an electronic SOV to centralize records and approvals.

  • Resulted in a single, auditable payment application for monthly storage and mobilization charges.
  • The firm reported smoother closeouts and fewer disputes because each invoice line matched delivery manifests and digital approvals, allowing faster reconciliation and clearer final accounting for property moves.

Optica Ventures — simplified approvals

Brian Fitzgibbons, COO of Optica Ventures LLC, standardized SOV templates across sites for consistent billing.

  • Templates ensured matching contract rates across accounts.
  • Standardization reduced review time for accounts payable, improved internal controls, and made it easier to identify pricing variances and approve payments on schedule.

Frequently asked questions about the Storage Services SOV

Answers to common SOV questions covering format, signatures, electronic submission, and dispute handling.


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