What Is a Schedule of Values (SOV)? Explained in Plain English

by ConTech Insights | Oct 27, 2026 | 0 comments

If you've worked on construction projects, payment applications or platforms such as Procore, you've probably come across the term Schedule of Values (SOV).

For many people, the phrase sounds more complicated than it really is. In simple terms, a Schedule of Values is a breakdown of a contract into smaller sections of work, each assigned a monetary value. It provides a structured way to measure progress, support payment applications and track project performance throughout the life of a project.

Understanding the Schedule of Values is important because it forms the foundation of how many contractors manage progress payments and report completed work.


What Is a Schedule of Values (SOV)?

The term Schedule of Values (SOV) can sound complicated, especially to those new to construction management or construction technology.

In reality, a Schedule of Values is simply a detailed breakdown of a contract value into smaller, measurable sections of work.

It allows project teams to track completed work, assess progress and determine how much money should be paid at different stages of a project.


What Is a Schedule of Values?

A Schedule of Values is a list of project activities or work packages, each assigned a monetary value.

For example, a contractor may have a contract worth €1,000,000.

Rather than treating the contract as one large amount, it is divided into sections:

Work Item Value
Site Setup €50,000
Groundworks €150,000
Concrete Structure €300,000
Roofing €150,000
Mechanical & Electrical €200,000
Finishes €150,000
Total €1,000,000

This breakdown becomes the Schedule of Values.


Why Is a Schedule of Values Important?

Construction projects are rarely paid as a single lump sum.

Instead, payments are usually made throughout the life of the project as work progresses.

The Schedule of Values provides a structured way to:

  • Measure completed work
  • Support payment applications
  • Track project progress
  • Improve financial reporting
  • Reduce payment disputes

Without a Schedule of Values, it would be difficult to determine how much of a project has actually been completed.


How Does It Work?

Imagine the Groundworks package has a value of €150,000.

At the end of the month, the project team determines that:

  • Groundworks are 100% complete
  • Concrete Structure is 50% complete

The value earned would be:

Work Item Value % Complete Amount Earned
Groundworks €150,000 100% €150,000
Concrete Structure €300,000 50% €150,000

Total earned value: €300,000

This information can then be used to support a payment application.


How Does a Schedule of Values Relate to Project Payments?

The process usually follows this sequence:

Contract Awarded

A contract is agreed between the client and contractor.

Schedule of Values Created

The contract value is broken into measurable work sections.

Progress Measured

The project team assesses how much work has been completed.

Payment Application Submitted

The contractor submits a payment claim based on completed work.

Payment Approved

The client reviews and approves payment.

In simple terms:

Contract → Schedule of Values → Progress Assessment → Payment Application → Payment


Schedule of Values in Procore

In Procore, Schedule of Values are commonly used within:

  • Prime Contracts
  • Commitments
  • Subcontracts
  • Payment Applications

They provide a structured framework for monitoring progress and managing financial performance throughout the project.

If you're unfamiliar with commitments, you may also find this article useful:

Related Reading: What Is a Commitment in Construction? Explained in Plain English


Schedule of Values vs Budget

Many people confuse a Schedule of Values with a project budget.

While they are related, they serve different purposes.

Budget

The budget represents the planned project costs.

Schedule of Values

The Schedule of Values represents how contract values are broken down to support measurement and payment.

Think of it like this:

  • The Budget helps manage costs.
  • The Schedule of Values helps manage progress and payments.

Common Mistakes

A poorly prepared Schedule of Values can create problems such as:

  • Inaccurate progress reporting
  • Delayed payments
  • Cashflow issues
  • Difficulty measuring project performance
  • Disputes between project stakeholders

For this reason, many contractors spend considerable time preparing and reviewing their Schedule of Values before work begins.


Key Takeaway

A Schedule of Values is simply a breakdown of a contract into smaller work sections with assigned monetary values.

It provides the foundation for measuring progress, submitting payment applications and managing project cashflow.

Without a Schedule of Values, it becomes much more difficult for contractors, clients and project managers to track how much work has been completed and how much money should be paid.


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About the Author

 After spending more than 20 years working in construction and 7 years in IT administration, I became interested in the growing role of technology in the construction industry.

While learning platforms such as Procore and Autodesk Construction Cloud, I noticed there was often a gap between how construction software is explained and how construction professionals actually think and work.

Through this website, I document my journey into construction technology and share practical guides, software insights, and learning resources for construction professionals navigating today's digital jobsite.

  • 20+ Years in Construction
  • 7 Years in IT Administration
  • Learning Procore & Autodesk Construction Cloud
  • Construction Technology Research
  • Practical Beginner-Friendly Guides
  • Construction Workflows & Digital Processes