The Schedule Of Values (SOV) & Requisition In Construction | A Step-By-Step Guide With Examples

Let's dive into what a Schedule of Values (SOV) is in construction, why it's important and how it gets incorporated into a contractor's requisitions!
-------------
When it comes time to pay our cable bill or buy groceries, the process is fairly straightforward. Were' told what we owe, we get out our wallets and we cough up the money. Then we move on. In the construction industry, the billing process is a bit more complicated. Projects that are in full swing have workers onsite from several different trades, materials getting delivered, equipment in use and other costs like that. The Owners of these projects release progress payments as the project continues (often monthly). The amount paid is supposed to represent the amount of work done since the last time they paid a bill. What determines how much any particular task of work is worth in comparison to the entire project? That’s where the Schedule of Values (SOV) comes in to play!
-------------
🎨Intro, Outro & Text Slide Illustrations Created With Canva Pro - Try It Free For 30 Days!
➡️partner.canva.com/SolvePMProb...
-------------
📚Main: solvepmproblems.com​
🆕For Beginners: solvepmproblems.com/start-here​
🆓Resources & Free Downloads: solvepmproblems.com/resources​
🎁Gift Ideas For Professionals: solvepmproblems.com/gift-ideas​
👷My Review Of OSHACampus Online Training: solvepmproblems.com/OnlineOSHA30
🔟Top 10 Work Boots For 2021: solvepmproblems.com/top-10-bo...
⚙️Useful Construction Gadgets: solvepmproblems.com/jobsite-g...
🎙️Microphone I Use: amzn.to/3dianN4​
-------------
🖊️Written Version: solvepmproblems.com/schedule-...

Пікірлер: 11

  • @pmproblems
    @pmproblems4 ай бұрын

    Are you a Project Manager or Construction Professional looking for mentorship? I now offer 30 & 60 min. 1-on-1 video coaching sessions! Click below to learn more and book a call today: rb.gy/6x062

  • @markopolo6009
    @markopolo60093 жыл бұрын

    Yo this is great stuff man, seriously.

  • @pmproblems

    @pmproblems

    3 жыл бұрын

    It means a lot brother, will be putting out a lot more in 2021!

  • @chrisoconnor5380
    @chrisoconnor53802 жыл бұрын

    simple clear explanation, thank you so much

  • @pmproblems

    @pmproblems

    2 жыл бұрын

    Awesome to hear and we appreciate the kind words!

  • @yuric7041
    @yuric70413 жыл бұрын

    Very well explained thank u!

  • @pmproblems

    @pmproblems

    3 жыл бұрын

    Thanks a lot! My pleasure

  • @lisandrodiaz92
    @lisandrodiaz923 жыл бұрын

    Very helful! Thanks

  • @pmproblems

    @pmproblems

    3 жыл бұрын

    Awesome! Thank you 🙏

  • @AlexGonzalez-qk6dl
    @AlexGonzalez-qk6dl2 жыл бұрын

    All great stuff. As a basic break down this is great. I would have like to have seen the previous draw or the next draw to compare. My questions would be about retainage and the column or previously applied funds. Does one include the retainage in the previously applied funds? Are the previously applied funds a combination of all the previous draw as well as the current draw (“this period” being a part of the previous billed but identifying the current draw only) or maybe I’m missing something that’s really obvious

  • @pmproblems

    @pmproblems

    2 жыл бұрын

    Thank you, and these questions are noted for future content. Generally speaking the values in the 'previously billed' column is pre-retainage (ie including any amounts that'll be held as retainage), while at the same time the 'retainage' column is a cumulative % of all amounts billed ie all past requisitions plus the present one. The 'previously billed' column is a sum of all prior draws except for the current one. The 'completed & stored to-date' column is the one that includes all past draws plus the current one, too. Hope this helps in the meantime! Thanks for watching.