Schedule of Values definition: Copy, customize and use instantly
Introduction
The term "Schedule of Values" refers to a detailed document that itemizes the costs of work elements in a construction or service contract. It serves as a breakdown of the total contract price, allowing for progress payments, budget tracking, and financial transparency. "Schedule of Values" is crucial for contractors, project managers, and owners to monitor costs and ensure proper payment distribution.
Below are various examples of how "Schedule of Values" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Schedule of Values" as construction cost breakdown
This definition applies to construction contracts.
"Schedule of Values" means the detailed statement that itemizes the costs of individual work components in a construction project, serving as the basis for progress payments and cost control.
Definition of "Schedule of Values" as payment application framework
This definition applies to contractor payment processing.
"Schedule of Values" refers to the structured listing of work items and their corresponding cost allocations, used for submitting payment applications in accordance with the contract.
Definition of "Schedule of Values" as subcontractor cost allocation tool
This definition applies to subcontractor agreements.
"Schedule of Values" means the breakdown of subcontractor work items and their assigned values, ensuring proper payment distribution and tracking.
Definition of "Schedule of Values" as budgeting and forecasting tool
This definition applies to financial planning.
"Schedule of Values" refers to the document that assigns financial values to project components, aiding in budgeting, forecasting, and cost control.
Definition of "Schedule of Values" as a milestone-based payment structure
This definition applies to phased payments.
"Schedule of Values" means the cost schedule that assigns specific values to project phases, allowing payments to be made based on completion milestones.
Definition of "Schedule of Values" as project accounting reference
This definition applies to financial tracking.
"Schedule of Values" refers to the detailed accounting record used to track financial obligations and expenditures related to contract performance.
Definition of "Schedule of Values" as cost justification tool
This definition applies to contract negotiations.
"Schedule of Values" means the documented cost structure that justifies the contract sum, ensuring transparency in pricing and payments.
Definition of "Schedule of Values" as change order valuation method
This definition applies to modifications in project scope.
"Schedule of Values" refers to the basis for evaluating change orders by providing cost assignments for each work element, facilitating pricing adjustments.
Definition of "Schedule of Values" as risk management framework
This definition applies to financial risk control.
"Schedule of Values" means the structured cost distribution plan that helps mitigate financial risks by ensuring costs are appropriately allocated and monitored.
Definition of "Schedule of Values" as compliance reporting tool
This definition applies to regulatory and financial audits.
"Schedule of Values" refers to the itemized statement that provides transparency in financial reporting, ensuring compliance with contractual and regulatory requirements.
Definition of "Schedule of Values" as performance measurement standard
This definition applies to evaluating contractor performance.
"Schedule of Values" means the financial schedule that establishes benchmarks for assessing work completion and contract performance.
Definition of "Schedule of Values" as real estate development financial plan
This definition applies to property development projects.
"Schedule of Values" refers to the structured cost analysis used in real estate development to allocate and track expenditures across project components.
Definition of "Schedule of Values" as materials and labor valuation method
This definition applies to cost tracking for labor and materials.
"Schedule of Values" means the breakdown of contract values assigned to materials, labor, and overhead costs, ensuring precise financial management.
Definition of "Schedule of Values" as insurance claim valuation reference
This definition applies to construction insurance claims.
"Schedule of Values" refers to the financial statement that establishes the valuation of work completed for insurance claims and damage assessments.
Definition of "Schedule of Values" as cost allocation framework for infrastructure projects
This definition applies to public works and infrastructure development.
"Schedule of Values" means the detailed financial breakdown used for infrastructure projects to manage public funds and contract payments.
Definition of "Schedule of Values" as quality assurance reference
This definition applies to compliance and quality control.
"Schedule of Values" refers to the financial schedule that helps ensure quality standards are met by aligning payments with verified work completion.
Definition of "Schedule of Values" as financial reconciliation tool
This definition applies to final project cost settlement.
"Schedule of Values" means the document used for reconciling contract payments with actual costs incurred to determine the final contract balance.
Definition of "Schedule of Values" as service contract financial structure
This definition applies to professional service agreements.
"Schedule of Values" refers to the cost allocation plan in a service contract, itemizing the compensation for each deliverable.
Definition of "Schedule of Values" as time and materials tracking document
This definition applies to cost-plus contracts.
"Schedule of Values" means the structured record of cost distribution for time and materials contracts, ensuring accurate billing and cost tracking.
Definition of "Schedule of Values" as developer financing schedule
This definition applies to project financing agreements.
"Schedule of Values" refers to the financial schedule used by developers to allocate loan disbursements and investor contributions for a project.
Definition of "Schedule of Values" as bid proposal pricing guide
This definition applies to competitive bidding.
"Schedule of Values" means the itemized cost proposal submitted during the bidding process, outlining the estimated costs of each contract component.
Definition of "Schedule of Values" as warranty reserve calculation method
This definition applies to post-construction warranty services.
"Schedule of Values" refers to the financial plan used to allocate funds for warranty work and defect remediation in construction projects.
Definition of "Schedule of Values" as government contract expenditure plan
This definition applies to public sector contracts.
"Schedule of Values" means the financial schedule used in government contracts to track approved expenditures and funding allocations.
Definition of "Schedule of Values" as liquidated damages calculation reference
This definition applies to contractual penalties.
"Schedule of Values" refers to the structured cost breakdown used to calculate liquidated damages for project delays or contract breaches.
Definition of "Schedule of Values" as joint venture cost distribution model
This definition applies to partnership agreements.
"Schedule of Values" means the agreed-upon cost allocation document used in joint ventures to ensure fair distribution of project expenses.
Definition of "Schedule of Values" as tax reporting document for construction firms
This definition applies to tax compliance.
"Schedule of Values" refers to the structured breakdown of contract revenue and expenses used for tax reporting and deductions.
Definition of "Schedule of Values" as profit margin assessment framework
This definition applies to cost-profit analysis.
"Schedule of Values" means the structured cost distribution tool used to analyze profitability and cost efficiency in a contract.
Definition of "Schedule of Values" as project closeout financial summary
This definition applies to final contract settlements.
"Schedule of Values" refers to the detailed financial report used during project closeout to verify all payments and contract obligations.
Definition of "Operating Year" as an insurance coverage period
This definition applies to business insurance policies.
"Operating Year" means the annual period for which insurance coverage applies to the insured business, starting from the policy’s effective date.
Definition of "Operating Year" as a budgeting and forecasting period
This definition applies to corporate financial planning.
"Operating Year" refers to the fiscal period used for budgeting, forecasting, and financial analysis to evaluate business performance and allocate resources.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.