Glossary
Schedule of values
A schedule of values is a construction document that breaks the total contract price down into line items, each with its own value.
It's mostly used on US construction projects as the basis for progress billing. Each period, the provider reports how much of each line item is complete, and the payment request follows.
A schedule of values describes how the price is divided. A step-based payment schedule, like a Seequence, ties each payment to a delivered step that the client has validated.
Example. A $500,000 home might list sitework, foundation, framing, roofing, electrical, plumbing and finishes, each with its share of the price.
Read next: How to Build a Payment Schedule Into Your Quote: 4 Examples