What is the Schedule of Values used to accomplish in relation to progress payments?

• A. To list all project risks and insurance requirements.
• B. To assign penalties for delays.
• C. To break down the contract sum by activity to support progress payments as activities are completed.
• D. To determine final acceptance criteria.

Answer: (C)

The Schedule of Values is a detailed breakdown of the total contract price assigned to specific activities or work items. Its purpose is to support progress payments by tying the amount due to the value of work actually completed in each activity. As work progresses, the contractor’s payment requests are based on the completed portions shown in the Schedule of Values, and the architect (often with the owner) certifies those amounts for payment, typically with retainage applied as appropriate. This document helps everyone track progress against the contract sum and ensures payments flow proportionally to what has been finished. It isn’t used for listing risks or insurance requirements, assigning penalties for delays, or determining final acceptance criteria.