By Ryan Kramer, founder of Wisegrid. Last updated October 2026.
A schedule of values is a list of every part of a construction contract with a dollar amount for each line. The lines must add up to the contract price. Each month the contractor bills against it by reporting how much of each line is complete. Owners, architects and lenders use it to approve each payment request.
A clear schedule of values gets you paid on time. A sloppy one gets your first payment request sent back. This guide shows a full example with retainage, how it flows into the standard payment forms, and the mistakes reviewers look for.
Key takeaways
– A schedule of values splits the contract price into lines that match how the work is built and inspected.
– Every payment request reports progress line by line. Work done this period, materials stored on site and the balance left to finish.
– Retainage is held back from each payment at the rate your contract and state law allow.
– Front-loading is the most common reason a schedule of values gets rejected. It means putting too much value on early lines to get paid ahead of the work.
What is a schedule of values?
The schedule of values connects the contract price to monthly billing. The general contractor prepares it, usually from the cost estimate, and sends it to the architect or owner for approval before the first payment request.
On projects that use the American Institute of Architects (AIA) A201 General Conditions, the contractor must submit a schedule of values that splits the contract price across the parts of the work. Once approved, it becomes the basis for reviewing every payment request.
Subcontractors prepare their own schedules of values for the general contractor in the same way. On a mid-size job there can be one main schedule and a dozen subcontractor schedules underneath it.
What goes in a schedule of values?
On AIA projects the schedule of values is billed on form G703, the continuation sheet. Even if you do not use AIA forms, owners and lenders expect these columns:
| Column | What it means |
|---|---|
| Item number | The line number |
| Description of work | What the line covers, in words the owner understands |
| Scheduled value | The dollar value of the line. All lines add up to the contract price |
| Previous applications | Work already billed on earlier payment requests |
| This period | Work completed since the last payment request |
| Materials stored | Materials delivered to site but not yet installed |
| Total to date | Previous + this period + stored |
| Percent complete | Total to date ÷ scheduled value |
| Balance to finish | Scheduled value − total to date |
| Retainage | The amount held back on this line |
Schedule of values example
A $480,000 interior fit-out of a medical office suite. This is payment request number 3. “Billed this period” includes materials stored on site, and “Total to date” includes everything billed on earlier requests. The balance left to finish is scheduled value minus total to date: $250,550 for the whole job.
| Line of work | Scheduled value | Billed this period | Total to date | Complete |
|---|---|---|---|---|
| 1. General conditions | $38,000 | $4,750 | $14,250 | 38% |
| 2. Demolition | $22,000 | $0 | $22,000 | 100% |
| 3. Framing and drywall | $96,000 | $33,600 | $72,000 | 75% |
| 4. Doors and hardware | $31,000 | $18,600 | $18,600 | 60% |
| 5. Ceilings | $28,000 | $0 | $0 | 0% |
| 6. Flooring | $41,000 | $0 | $0 | 0% |
| 7. Painting | $18,000 | $3,600 | $3,600 | 20% |
| 8. Plumbing | $46,000 | $9,200 | $23,000 | 50% |
| 9. Heating and air | $72,000 | $21,600 | $36,000 | 50% |
| 10. Electrical | $66,000 | $13,200 | $33,000 | 50% |
| 11. Fire sprinklers | $14,000 | $2,800 | $7,000 | 50% |
| 12. Closeout and cleaning | $8,000 | $0 | $0 | 0% |
| Total | $480,000 | $107,350 | $229,450 | 48% |
Line 4 shows why stored materials matter. Of the $18,600 billed on that line this period, $12,400 is door frames delivered and stored on site. They can be billed now, even though the doors are not hung yet. On the AIA form, stored materials have their own column.
From the schedule of values to the payment due
With 10% retainage, the summary on the payment request (AIA form G702) looks like this:
| Payment request summary | Amount |
|---|---|
| Completed and stored to date | $229,450 |
| Retainage held (10%) | −$22,945 |
| Total earned after retainage | $206,505 |
| Earlier payments | −$109,890 |
| Current payment due | $96,615 |
Check it a second way: billed this period is $107,350, and 90% of that is $96,615. If the two numbers do not match, a line was copied wrong.
How to build a schedule of values
- Start from your cost estimate. The schedule of values should be your estimate regrouped, not a new set of numbers. If your job costing sheet uses the same lines, you can compare billing with cost every month.
- Group lines the way the work is built and inspected. By trade, by phase, or by floor on taller buildings. Each line should be easy to measure on a site walk.
- Split long-lead lines into material and labor. That lets you bill stored materials without arguing about percent complete.
- Give general conditions their own line and bill it evenly over the length of the job.
- Add a closeout line. Tying a small amount to the punch list and closeout documents keeps everyone focused at the end.
- Check that the total equals the contract price to the dollar, then get the schedule approved before the first payment request.
Common schedule of values mistakes
- Front-loading. Inflating early lines like mobilization or demolition to bill more upfront. Reviewers spot it, and it costs trust for the rest of the job.
- Lines too big to measure. “Mechanical, electrical and plumbing: $184,000” invites an argument every month. Break it down.
- No column for stored materials. You wait a month to bill for equipment that is already on site.
- Changing original values for change orders. Add each approved change order as a new line so the original contract stays visible. Our guide on handling change orders without losing money covers the process.
- Billing lines that don’t match your cost codes. If billing and costing use different lines, you can’t compare what you earned with what you spent.
Schedule of values vs draw schedule
A draw schedule ties payments to milestones, such as “foundation complete” or “drywall complete.” It is common on homes and construction loans. A schedule of values bills by percent complete on every line, which is standard on commercial jobs. Some lenders ask for both. Our construction draw schedule guide covers the milestone version, and the draw schedule template is ready to copy.
From spreadsheet to live billing
A spreadsheet schedule of values works until the third or fourth payment request. Then someone copies last month’s “total to date” into “previous” by hand, a change order line is added in one tab but not the other, and the retainage math stops matching.
In Wisegrid, each billing period is a set of rows on the same sheet. “Previous” carries forward on its own, change orders are added as new lines, and totals feed the job’s job costing template, so billed to date and spent to date sit side by side. The owner and lender can view it for free. If submittals are holding up materials, the submittal log guide shows how to track them the same way.
FAQ
Who prepares the schedule of values?
The general contractor prepares the main schedule of values and sends it for approval. Subcontractors prepare schedules for their own work and send them to the general contractor.
Is a schedule of values the same as an AIA G703?
The G703 is the AIA continuation sheet that shows the schedule of values with billing columns. The schedule of values is the list of lines and amounts. The G703 is the form you bill it on.
Can you change a schedule of values after it is approved?
Approved change orders are added as new lines. Moving money between existing lines usually needs the architect’s or owner’s approval, so ask before you move it.
How is retainage calculated on a payment request?
Multiply the total completed and stored to date by the retainage rate in your contract. Subtract that amount and earlier payments to get the payment due now. Rates and release rules vary by contract and by state.
What is front-loading in construction billing?
Putting more value on early lines than the work is worth, so the contractor is paid ahead of progress. It reduces the owner’s protection and is a common reason schedules of values are rejected.
Sources
- AIA Contract Documents: What is a schedule of values and why is it required?
- AIA A201–2017, General Conditions of the Contract for Construction
Bill from the sheet you run the job in
Keep the schedule of values, change orders and job costs in one Wisegrid workspace, and share it with the owner and lender for free. Start with the job costing template, the draw schedule template and the change order log.
Start free → · Job costing template → · Draw schedule guide →
About the author Ryan Kramer is the founder of Wisegrid, a higher-capacity work management grid built around a 1,000,000-cell-per-sheet limit, date-triggered automations with run history, and cross-sheet reporting. He writes about the project management documents teams actually keep updated. More from Ryan →