Planning & EstimatingQuestion 616 of 700
On a lump-sum project, what is the PRIMARY purpose of the schedule of values?
a.It breaks the total contract price into line-item values so that progress payments can be measured against the work actually completed.
b.It lists every subcontractor's bid bond amount.
c.It is the closeout list of defective items to correct before final payment.
d.It records attendance at weekly safety meetings.
Explanation
Correct: the schedule of values allocates the lump-sum contract price among the components of the work, giving a basis to evaluate each progress payment against percentage complete. Bid bond amounts belong on bond forms, not the schedule of values. The closeout defect list is the punch list. Safety attendance is a separate record.
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