A Schedule of Values (SOV) is a line-item breakdown of the total contract value, typically organized by project phase or trade, used as the basis for progress billing. Each SOV line includes a description, scheduled value (budgeted dollar amount), and is updated each billing period with percent complete and dollars earned to date.
The SOV is the foundation of an AIA G703 continuation sheet and most commercial progress-billing systems. Owners and lenders use it to verify that progress billing matches actual work completed. A well-structured SOV breaks the contract into 20 to 40 lines on most mid-sized commercial projects — too few and the granularity is poor; too many and tracking percent-complete becomes burdensome.