By Lynn Pearcey, MBA, Copywriter, AIA Contract Documents
March 27, 2024
Table of Contents
Introduction
Benefits of a schedule of values
The Details
Conclusion
Introduction
A schedule of values summarizes every function on a construction project. It’s an amazing tool that provides a detailed account of the budget, maintains timeline integrity, and monitors the percentage of the contracted work that is complete. From inception to completion, the schedule of values plays a major role in a project’s success or failure. Suffice it to say that those who use this tool are more successful, while those who don’t often find themselves in a quandary.
Benefits of a schedule of values
There are several benefits to using a schedule of values including the following:
The Details
A schedule of values is rooted in detail, and before it can become a working part of a jobsite, some basic information must be secured including:
Conclusion
Construction site can be chaotic and anything a contractor or professional has at their disposal to lessen the chaos should be applied. Construction sites can be chaotic. A schedule of values can lessen the chaos and set the path for a smooth project. If you’re a contractor, remember your success starts at the beginning by getting the buy-in of stakeholders. From there, be as detailed as possible, as attention to detail will make life easier as the project progresses. AIA Document A201-2017 General Conditions of the Contract for Construction is a powerful tool for contractors who are required to submit a schedule of values. When coupled with AIA Document G703-1992 Continuation Sheet, professionals have two of the most trusted resources in the industry.
In closing, remember a construction site can be challenging to manage, with noise, materials, people, and machines moving around. But with the proper tools in place, including a schedule of values, those challenges are lessened and, in many cases, removed entirely.
AIA Contract Documents has provided this article for general informational purposes only. The information provided is not legal opinion or legal advice and does not create an attorney-client relationship of any kind. This article is also not intended to provide guidance as to how project parties should interpret their specific contracts or resolve contract disputes, as those decisions will need to be made in consultation with legal counsel, insurance counsel, and other professionals, and based upon a multitude of factors.