2.6 Schedule of Values and Cost Codes

POLICY: Schedule of Values and Cost Codes

PURPOSE: To provide an itemized list of construction activities along with their respective value to establish an accurate basis of payment.

RESPONSIBILITY: Project Manager

PROCEDURE:

1. Review the construction documents, estimate and schedule to establish a complete listing of construction activities and their values.

2. The Schedule of Values will be as detailed as necessary to evaluate a request for payment. Items listed in the Schedule of Values should be arranged by Carter & Carter’s budget breakdown format and C.S.I. division.

3. Schedule of Values will be input into Procore upon review and approval by the Senior Project Manager and/or Vice President of Operations.

4. A Schedule of Values will be approved by Architect and/or Owner prior to submission of initial pay request.

Tutorial video demonstrating how to create a Schedule of Values for a Prime Contract
Creating a Schedule of Values for a Prime Contract