What is a Schedule of Values (SOV) and how is it used in progress payments under A201?

• A. A list of all subcontractor names; used for payroll.
• B. A schedule of values for tax accounting; not used for payments.
• C. An itemization of the contract sum by work activities; it supports progress payments by tying payment to actual progress.
• D. A calendar of project milestones; used for reporting only.

Answer: (C)

The Schedule of Values is an itemized breakdown of the total contract price by specific work activities. It provides the basis for progress payments by tying the amount paid to the value of work actually performed on each item. As portions of the work are completed (or partially completed), the corresponding line items in the SOV become earned value, which the architect can certify for payment, typically with retainage applied. The SOV is updated to reflect changes or modifications to the contract, so payments stay aligned with current progress. It’s not a payroll list of subcontractors, not a tax accounting document, and not just a calendar of milestones used only for reporting.